JPMorgan Chase reported its Q4/17 net income of $4.23 billion was down 37% from $6.73 billion a year earlier. The bank noted the decrease included $2.4 billion of estimated net impact of the Tax Cuts and Jobs Act.

Adjusted Q4/17 EPS of $1.76 exceeded Thomson Reuters’s estimates of $1.69.

Q4/17 managed net revenue of $25.45 billion was up 5% from $24.33 billion in the same quarter in 2016.

Q4/17 provision for credit losses of $1,308 million was up 51% from $864 million in Q4/16.

Jamie Dimon, chairman and CEO, said, “2017 was a record year on many measures for JPMorgan Chase as we added clients and customers and delivered record EPS. We had healthy growth in Treasury Services, Securities Services and Investment banking – we were No. 1 in IB fees globally, a record for the firm. Commercial Banking and Asset & Wealth Management generated record revenue and net income. The Commercial Bank earned a record $2.3 billion of IB revenue and continued to add bankers and offices and now has offices in each of the top 50 MSAs. In Asset & Wealth Management, loans and AUM were up, 9% and 15%, to record levels, and we brought in $68 billion of long-term net flows. Consumer & Community Banking – which now reaches 61 million households – grew core loans and deposits 9% each, and had record merchant processing volume of $1.2 trillion.”

Dimon added, “The company maintained its fortress balance sheet, discipline and client focus. Operating from this position of strength allowed us to extend credit and raise capital of $2.3 trillion for U.S. consumers, businesses and institutional clients, while returning $22 billion to shareholders.”

Dimon concluded, “The enactment of tax reform in the fourth quarter is a significant positive outcome for the country. U.S. companies will be more competitive globally, which will ultimately benefit all Americans. The cumulative effect of retained and reinvested capital in the U.S. will help grow the economy, ultimately growing jobs and wages. We have always invested, even in difficult times, in our employees, customers and communities, and as a result of the tax plan we will be increasing and accelerating some of these investments.”