JPMorgan Chase Posts Earnings, Revenue Misses

JPMorgan Chase Posts Earnings, Revenue Misses
By The original uploader was Frank.trampe at English Wikipedia [Public domain], via Wikimedia Commons

JPMorgan Chase & Co. (NYSE:JPM) released the earnings results from its first quarter this morning, posting net income of $1.28 a share on revenue of $23.9 billion. Analysts had been expecting earnings of $1.41 per share on revenue of $24.55 billion.

Breaking down JPMorgan Chase’s results

The bank reported a 9%  increase in consumer and business banking deposits and a 10% increase in credit card sales. JPMorgan Chase & Co. (NYSE:JPM) also reported a 16% increase in client investment asses, a new record. Business banking loan originations grew 22% during the quarter.

JPMorgan Chase & Co. (NYSE:JPM)’s corporate and investment bank maintained its number one ranking in global investment banking fees with an 8.2% wallet share. The bank saw its assets under custody rise 10%. Its period-end loan balances rose 7%, which was driven by 15% growth in commercial real estate. The bank reported that gross investment banking revenue from commercial clients rose 31%.

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The bank also posted the 20th quarter in a row of positive net long-term client flows and a 10% increase in client assets, which hit a new record. JPMorgan Chase & Co. (NYSE:JPM)’s average loan balances also rose 20%, hitting a new record.

JPMorgan Chase & Co. (NYSE:JPM) maintains balance sheet

JPMorgan Chase & Co. (NYSE:JPM) reported a Basel III Tier 1 common ration of $156 billion or 9.5%. The bank also reports strong liquidity with high quality liquid assets of $538 billion. It supplementary leverage ratio was 5.1%, including impacts from the U.S. NPR, which was announced this week.

The bank raised $455 billion in credit and capital during the first quarter.

JPMorgan Chase & Co. (NYSE:JPM) looks ahead

JPMorgan Chase & Co. (NYSE:JPM)’s board said it plans to increase the bank’s second quarter common stock dividend from 38 cents to 40 cents per share. The bank bought back $.4 billion in common shares during the first quarter and has $6.5 billion left on its share repurchase authorization through the first quarter of next year.

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