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JPMorgan Q1 2013 net income increases by 33% to $6.5bn

JPMorgan Chase & Co has reported a net income of $6.5bn for the first quarter of 2013, with an increase of 33% from $4.9bn during the same period last fiscal.

The result was backed by lower noninterest expense and lower provision for credit losses, partially offset by lower revenue.

Earnings per share stood at $1.59, against $1.19, while revenue was $25.8bn, down by 3% from $26.8bn during the comparable period earlier year.

For the quarter period ended on 31 March 2013, the firm’s return on tangible common equity was 17%, compared with 15% in the prior year.

Its net interest income was $11.1bn, down $742m, or 6%, compared to the prior year, reflecting the impact of low interest rates, as well as lower loan yields due to competitive pressures and portfolio run-off among others.

Consumer & Community Banking (CCB) division reported a net income of $2.6bn, compared with $2.9bn, while its net revenue was $11.6bn, down by 6% from $12.3bn during the corresponding period last year.

Corporate & Investment Bank (CIB) division’s net income was $2.6bn, up 28% from $2bn, while net revenue was $10.1bn, with an increase of 9% from $9.33bn during the year ago period.

Asset Management (AM) division posted a net income of $487m, an increase of 26% from $386m, while net revenue stood at $2.7bn, up by 12% from $2.37bn during the same period last year.

Its Basel I Tier 1 common ratio1 was 10.2% at 31 March 2013, including the impact of the Basel 2.5 rules that became effective on 1 January 2013.