Profit Not in the Cards for Chase in Q1

CardForum | CHASE CARD UNIT POSTS Q1 LOSS

CHASE CARD UNIT POSTS Q1 LOSS

JPMorgan Chase & Co. today announced its Card Services unit lost $547 million during the first quarter ended March 31, compared with a profit of $609 million during the same quarter a year earlier. Revenues for the unit were $5.1 billion, up 30.8% compared with revenues of $3.9 billion for the first quarter of 2008. The revenue gains were offset by a sharp increase in charge-offs and lower income from credit card fees, the company said.

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