Business

Q2: JPMorgan Posts 36% Jump Profit

Published

17 years ago

July 20, 2009

JP Morgan Chase & Co. posted a 36 per cent jump in second-quarter profit Thursday, easily surpassing analysts’ expectations, as strength in investment banking offset higher credit losses.
JPMorgan, the second big bank to report stronger earnings this week after Goldman Sachs Group Inc., earned $2.72 billion, up from $2 billion a year earlier. Revenues soared 39 per cent to $25.62 billion.
Results were driven by record investment banking fees and revenue in its bond business, much like Goldman Sachs.
“Both JPMorgan and Goldman Sachs were well positioned going into the crisis, and they are going to continue to pull ahead and dominate the sector,” said Len Blum, managing partner at Investment Bank Westwood Capital.
At JPMorgan’s investment bank, revenue jumped 33 per cent to $7.3 billion and profits more than tripled to $1.5 billion.
Those gains were partly offset by higher losses in consumer lending and credit cards. The bank said it set aside $9.7 billion for credit losses in the quarter, up from $4.29 billion a year earlier but down from the first quarter’s $10 billion.
CEO Jamie Dimon said in a statement that the company expects credit costs to remain high “for the foreseeable future.”
The profit came despite a $1.1 billion charge, or 27 cents a share, as JPMorgan repaid $25 billion in loans it received from the government as part of the Troubled Asset Relief Programme. The bank was also hit by a 10-cents-a-share FDIC special assessment penalty.
Earnings per share fell to 28 cents from 53 cents as the company had more stock outstanding than a year ago.
Despite the higher earnings, JPMorgan’s shares fell 52 cents, or 1.4 per cent, to $35.74 in early afternoon trading. Financial shares were broadly lower as a major lender to small businesses, CIT Group Inc., teetered on the edge of bankruptcy after talks with regulators about a rescue broke down late Wednesday.
Analysts surveyed by Thomson Reuters had forecast earnings of 4 cents per share on revenue of $25.89 billion.
During the most recent quarter, JPMorgan’s retail banking unit earned $15 million, a decrease of $488 million, or 97 per cent, from the prior year. That business was affected by a higher provision for credit losses and higher noninterest expenses, which were offset partially by more revenue from last year’s acquisition of the thrift Washington Mutual Inc.
Average deposits rose from 62.7 per cent to $348.1 billion from a year ago, and 0.7 per cent from the first quarter.
The WaMu acquisition also helped drive JPMorgan’s commercial banking unit’s income up 4 per cent to $368 million.
JPMorgan’s credit card division did poorly, however, because of surging defaults that have afflicted all credit card issuers. It posted a loss of $672 million compared with a profit of $250 million last year.
Asset Management and Treasury and Securities Services also did worse in the second quarter than in the same period last year.
JPMorgan said it extended $150 billion in new credit to consumers, corporations, small businesses, municipalities and non-profits and has approved 138,000 trial mortgage modifications in the quarter, bringing total foreclosures prevented since 2007 to 565,000.
JPMorgan was among 19 major banks that underwent the government’s “stress tests” in May to determine how banks would fair if economic conditions worsened. Unlike some of its competitors, JP Morgan was told it didn’t need to raise additional capital.

Business

NIMASA Unveil Blue Economy Programme

Published

2 days ago

September 21, 2026

The Tide

The Nigerian Maritime Administration and Safety Agency (NIMASA) has unveiled the body’s Blue Economy Accelerator Programme, NIMASA-BEAP, and the National Innovation Hackathon, a strategic initiative designed to attract young innovators into Nigeria’s marine and blue economy industry, stimulate innovation and entrepreneurship, as well as attract private-sector investment into the sector.

The accelerator programme and innovation hackathon are expected to provide a structured platform for young Nigerians and innovative enterprises to develop solutions to some of the challenges and opportunities across Nigeria’s maritime and blue economy value chain.

In his welcome remarks, the Director-General of NIMASA, Dr. Dayo Mobereola, described the initiative as a national development imperative aimed at positioning Nigeria to derive greater economic value from its maritime resources.

According to him, the scale of Nigeria’s maritime economy presents a significant opportunity for economic diversification, job creation, innovation and increased participation of Nigerians in maritime value chain.

“Nigeria’s maritime economy is a multi-billion naira frontier we have left largely untapped. We capture less than three percent of the value moving through our own waters.

NIMASA-BEAP exists to correct that historic imbalance,” Dr. Mobereola stated.

He challenged young innovators and entrepreneurs to “Lead this frontier. Do not follow it” and see the maritime sector not merely as an industry, but as a frontier for innovation, investment and national economic transformation.

Delivering the keynote address, the minister of Marine and Blue Economy, Adegboyega Oyetola CON commended NIMASA for the bold initiative saying it represents a paradigm shift from only regulating to engendering the implementation of the blue economy for the benefit of Nigeria.

According to the Minister, “I want to commend, the Director-General and CEO of NIMASA, Dr. Dayo Mobereola, and NIMASA’s Executive Management Team, for the vision and institutional boldness this programme represents. This is not a routine government initiative. This is a paradigm shift from NIMASA as a regulator, to NIMASA as a catalyst. The NIMASA Blue Economy Accelerator sets a standard that I am proud, as Minister, to champion it before this audience”.

Represented by the Director, Marine Conservation and Innovation, Mr Shettima Hussein Shehu, the minister urged stakeholders including commercial banks, development finance partners and maritime stakeholders to key into the initiative by investing, mentoring and partnering with NIMASA to advance the blue economy sector.

Participants at the event took turns to commend NIMASA for the novel initiative of NIMASA-BEAP and pledged their commitment to partner with the Agency to ensure its full realisation.

Representatives of the Nigerian Chamber of Shipping, First Bank, Zenith Bank, Fidelity Bank, Wema Bank, Shipowners Association of Nigeria (SOAN), Tamrose Limited, Petromarine Limited and Starzs Investment Limited were among those who committed to partner with NIMASA to drive the NIMASA Blue Economy Accelerator Programme.

The programme, which has been designed with clear timelines, responsibilities and accountability mechanisms to ensure effective delivery will open to young innovators aged from 18 to 28 on October 5, 2026 when the NIMASA-BEAP application portal goes live. Applications will close on November 13 2026, while independent evaluation and due diligence will take place from 16 November to 2 December 2026.

Nkpemenyie Mcdominic, Lagos

Business

NPCC Demands Faster Trade Processes

Published

2 days ago

September 21, 2026

The Tide

The Nigerian Ports Consultative Council (NPCC) has intensified its push for seamless, transparent and predictable port operations, calling for stronger inter-agency coordination and faster processes to improve Nigeria’s competitiveness in regional and international trade.

The Council made the call at its quarterly meeting held Thursday at the Federal Palace Hotel, Lagos, with stakeholders examining measures to simplify cross-border trade and enhance ease of doing business at Nigerian ports.

The meeting, themed “Simplifying Cross Border Trade and Enhancing Ease of Doing Business at Our Ports,” brought together representatives of government agencies and maritime industry stakeholders to review operational challenges and seek practical solutions.

The Chairman of the Council, Mr Bolaji Sunmola, expressed concern over persistent challenges confronting Nigerian ports, including the resurgence of traffic gridlock around Lagos ports.

He said the long-standing aspiration of positioning Nigerian ports as a hub for West and Central Africa would remain difficult to achieve without addressing the operational and infrastructure bottlenecks affecting trade.

According to him, the NPCC exists to bring stakeholders with real operational challenges together with relevant government agencies to develop practical solutions.

“We want each of the agencies to come here, feel free, talk, say what you’ve been doing, say what solutions you are offering to the millions of challenges we have,” Sunmola said.

Against the backdrop of the Council’s push for streamlined port processes, the Nigerian Maritime Administration and Safety Agency (NIMASA) announced that its Maritime Electronic Management System (MEMS) is now live.

Director-General of NIMASA, Dr Dayo Mobereola, represented by the Director of Shipping Development, Abdullahi Yelwa, said the platform would strengthen digital traceability, improve visibility into vessel movements and operational records, and support faster regulatory decisions.

He said MEMS would deploy centralised data, automated alerts and smart invoicing to improve documentation, reduce manual processes and strengthen compliance.

The system would also improve tracking of services such as waste reception through time-stamped records and clearer billing trails, while its monitoring and alert functions would support earlier responses to marine pollution incidents.

Mobereola said ease of doing business begins before a vessel arrives at the port, requiring predictable pre-arrival requirements, timely certification, proportionate inspections and prompt resolution of regulatory issues.

Mobereola disclosed that the Federal Government is targeting a reduction in average cargo clearance time from 21 days to under seven days, but cautioned that technology alone would not achieve the target.

He maintained that reliable systems, accurate data, clear service standards and disciplined cooperation among agencies operating within the port and border environment would be required.

Meanwhile, the Vice Chairman of the NPCC, Mrs Jean Chiazor Anishere SAN, said Nigerian ports must move beyond simply functioning to becoming seamless, transparent, predictable and business-friendly gateways for trade.

“Where processes are fragmented, duplicated or unnecessarily prolonged, the cost is ultimately borne by the trading public and the Nigerian economy,” Anishere said.

She challenged stakeholders to assess whether traders can move cargo through Nigerian ports with fewer physical interfaces, fewer documents, reduced delays and greater certainty about cost and time.

Anishere stressed that port efficiency cannot be achieved by one institution working in isolation, noting that the NPCC’s quarterly engagements were designed to bring agencies and industry stakeholders together to identify bottlenecks and develop coordinated solutions.

She said the Council would continue to engage relevant stakeholders and ensure that its recommendations are brought before the Ministry of Marine and Blue Economy.

The NPCC Vice Chairman also identified efficient dispute resolution mechanisms, particularly maritime and commercial arbitration, as important to investor confidence and participation in international trade

Nkpemenyie Mcdominic, Lagos

Business

Navy Uncovers Stolen Crude Oil In Rivers

Published

2 days ago

September 21, 2026

The Tide

The Nigerian Navy has uncovered 119,850 litres of crude oil suspected to have been stolen, 350 litres of suspected illegally refined Automotive Gas Oil (AGO) and 25 parcels of suspected Cannabis sativa at an illegal refining site in Ogbogolo Community, Ahoada West LGA of Rivers State.

The discovery was made last Thursday by personnel of Nigerian Navy Ship (NNS) SOROH under Operation Delta Sentinel following credible intelligence on the location, Navy spokesman, Captain Abiodun Folorunsho said.

In a statement issued Friday, Folorunsho said the suspected stolen crude oil was found in five dugout pits, while the suspected illegally refined AGO was recovered in six sacks.

He said no arrest was made as the suspects fled on sighting the naval personnel.

“The recovered products and suspected illicit substances were handled in accordance with extant regulations,” he said.

The latest success comes shortly after the conviction of nine crude oil thieves by the Federal High Court in Uyo, following their arrest during a Nigerian Navy-led operation under Operation DELTA SENTINEL.

The development highlights the growing impact of the operation, which combines sustained maritime and riverine interdictions with intelligence-led action to disrupt crude oil theft and illegal refining activities across the Niger Delta.

“Beyond recovering stolen petroleum products, the operation continues to degrade the infrastructure supporting the illicit trade while strengthening the chain from detection and interdiction to prosecution and conviction, ” the statement concluded.