riclassificazioni...magheggi e superenalotto...
"Cutting through the noise of JPM's earnings, here are the salient facts: the company beat the bottom line expectation of $1.45 with an $1.60 ex-DVA print. However, this number included the now traditional "puffery" benefit from loan loss reserve releases, specifically $950MM pretax ($0.15 EPS) from mortgage loan loss reserves and $550MM pretax ($0.09) from credit cards."
e ancora...
"What is worse going forward was the slide in Mortgage Production pretax income which was $582mm, down a whopping $349mm YoY, "
reflecting lower margins and higher expense, partially offset by higher volumes and lower repurchase losses." For those curious how the rate spike has impacted JPM, here it is:
mortgage originations down 7% Q/Q, and firmwide it dropped to $52 billion. "
"
But perhaps the worst news is that despite the dramatic spike up in yields at the end of the quarter,
JPM reported a Net Interest Margin that in Q2 was the lowest ever! Dropping to just 1.05% on a market-based basis, the firm's defined NIM slid to 2.20%. One can see why the Fed is desperate to push the long end higher, however without the offseting bear flattening and without a collapse in stock prices: Jamie Dimon is making the least amount of cash on the curve arb ever. The firm's outlook: "Expect NIM relatively stable in the second half of 2013."
ai mei tempi...nel paleolitico superiore...ai tempi di tecnica bancaria...sempre con l'esimio prof.bompani...
le banche prestavano denari e se erano efficienti realizzavano profitti dal margine netto d'interesse...
oggi le banche fanno i brokers e i traders...
e gli utili li fanno lì
ergo capite perchè fanno pressione su bernacca affinchè continui a pushare e a tenere i tassi bassi...
tanto i soldi nn li prestano...che col lavoro par time col cacchio che ti affidano una linea di credito o un mutuo trentennale...
saliranno a pompa...
ma l'è tutto sbagliato...l'è tutto da rifare!
JPM Beats Thanks To $1.4 Billion Reserve Release; Net Interest Margin Drops To Record Low; Mortgage Production Slides | Zero Hedge
reazione inesistente sui bancari nostrani ... sintomo di esplosione o implosione 
