JPMorgan Chase & Co. has valued the Qantas Frequent Flyer program at AUS$2 billion (US$1.9 billion), citing that the loyalty program represents more than a quarter of the airline’s market value. The financial services firm stated that there could be a 75 percent profit growth in the Frequent Flyer program in 2009 with the recent changes to the program. Qantas is considering spinning off the loyalty program similar to Air Canada when it created the Aeroplan Income Fund in 2005 to separately manage the frequent flyer program.