Daily News: July 12, 2013

JPMorgan Reports 31% Increase in Quarterly Profit

JPMorgan Chase reported net income of $6.5 billion for Q2/13, compared with net income of $5 billion in Q2/12. Earnings per share were $1.60, compared with $1.21 in the second quarter of 2012.

Revenue for the quarter was $26.0 billion, compared with $22.9 billion in the prior year.

Highlights from the report included the following:

•$1 trillion of credit provided and capital raised in the first six months of 2013

•$154 billion of credit provided for consumers; originated more than 500,000 mortgages

•$9 billion of credit provided for U.S. small businesses

•$294 billion of credit provided for corporations

Jamie Dimon, chairman and CEO, said: “Our earnings reflected strong performance across our businesses. We maintained our #1 ranking in global Investment Banking fees. Consumer deposits were up 10% compared with the prior year and Credit Card sales Volumes were a record $105.2 billion, up 10%. And notably, Asset Management had $25 billion of net long-term client flows, the seventeenth Consecutive quarter of positive net long-term client flows. Net charge-offs remain near historical lows in our Credit Card business, have dropped to less than half of what they were a year ago for our Real Estate Portfolios and remained very low in our wholesale portfolios. In Light of these trends, we reduced the allowance for loan losses in Consumer & Community Banking in the second quarter by a total of $1.5 billion. Loan growth across the industry continued to be soft, reflecting a cautious stance by consumers, many small businesses and corporations. However, we continue to see broad-based signs that the
U.S. economy is improving and we are hopeful that, as jobs are added
And confidence builds, the U.S. economy will strengthen over time.”

To read the JPMorgan Chase news release: click here.