JPMorgan Reports 19% Drop in Q1 Net Income
JPMorgan Chase reported net income for the first quarter of 2014 of $5.27 billion, down 19.3% compared with net income of $6.53 billion in the first quarter of 2013. The bank said the decline was driven by lower net revenue of $23.86 billion compared to $25.85 billion the previous year and higher provision for credit losses of $233 million.
Earnings per share of $1.28 were lower than analysts polled by Thomsen Reuters estimates of $1.40.
The bank noted that the net income decline was broadly based, with consumer/community banking down 25%, corporate/investment banking down 24%, commercial banking down 3% and asset management down 9%.
Jamie Dimon, chairman and CEO said, “JPMorgan Chase had a good start to the year, given there were industry-wide headwinds in markets and mortgage. We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery. JPMorgan Chase provided credit and raised capital of over $450 billion for our clients during the first quarter of 2014, which included $5 billion for U.S. small businesses.”
To read the entire JPMorgan Chase news release, click here.