JP Morgan (JPM) took some big write-offs which dropped its profits well below the same quarter last year.

The bank 2008 first-quarter net income of $2.4 billion, compared with record net income of $4.8 billion in the first quarter of 2007. Earnings per share of $0.68 were down 49%, compared with record earnings per share of $1.34 in the first quarter of 2007.

James Dimon, CEO, said "We also added $2.5 billion to our allowance for credit losses (which now totals $12.6 billion), and maintained a strong 8.3% Tier 1 capital ratio.”

The company’s shares were up slightly in the pre-market

Douglas A. McIntyre