Profit of $1m for Morgan bank

JP MORGAN Bank Dublin reported pre-tax profits of almost $1m (€706,000) for last year compared with a loss of $13.9m in the previous year.

Wages and salaries for the 15-strong staff was $2.8m last year. Staff numbers at the bank fell by eight from 2009 to 2010.

Directors’ remuneration fell from $124,000 to $100,000 last year. Eight directors are listed at the bank. The chairman is Frederic Mouchel.

The bank recorded an operating profit of $2.3m compared with a loss of $9.7m in the previous year.

Accounts just filed for JP Morgan Bank Dublin plc for the year ending December 31, 2010, said the year was a “challenging period” for international financial markets.

“The bank continued to consolidate its systems, procedures and governance in line with new regulatory requirements and best market practice,” the accounts read.

The bank said it continued to manage the portfolio of notes it acquired from Bear Stearns Global Asset Holdings.

It said this portfolio of notes has as expected decreased by nearly 40% during the year through the maturity and early redemption of individual notes.

“The bank continues to wind down the remaining heritage Bear Stearns activities which are on its books,” the accounts said.

“During the year the bank undertook the opportunity to strengthen its operating and capital situation by repaying its remaining subordinated debt with the proceeds of a capital injection from its owner.”

According to the accounts, the bank has developed a strategy that calls for maintaining a well-capitalised bank which is market and third-party credit risk neutral, acting as an external source of funds that will provide funding internally to JPMorgan Holding Company entities through mainly secured lending.

The bank is a wholly owned subsidiary of JP Morgan Chase & Co and holds one shareholder meeting each year in Dublin, where the bank is based at the IFSC.

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