J.P. Morgan Chase & Co. headquarters in New York City. (Photo: Reuters)
JP Morgan Chase & Co. (NYSE:JPM) on Wednesday revealed first-quarter (1Q) earnings per share of $1.35 on revenue of $24.1 billion, beating estimates. Analysts expected profit per share of $1.26 on revenue of $23.399 billion.
“We delivered solid results this quarter with strong underlying drivers. The consumer businesses continue to grow loans and deposits impressively, attracting deposits faster than the industry,” said Jamie Dimon, Chairman and CEO of the nation’s largest bank by assets. “The U.S. consumer remains healthy and consumer credit trends are favorable.”
The company reported average core loans were up 25% in the first quarter (17% year-over-year) and record growth in average deposits of $50 billion, marking an increase of 10%.
“While challenging markets impacted the industry, we maintained our leadership positions and market share in the Corporate & Investment Bank and Asset Management, reflecting the strength of our platform,” Mr. Dimon added. “Even in a challenging environment, clients continue to turn to us in the global markets and we saw positive net long-term asset flows in Asset Management.”
Still, net income was $5.5 billion, a decrease of 7% and net revenue was $24.1 billion, down 3%.
“We are one of the most trusted financial institutions in the world, delivering consistently for our clients, communities and shareholders. We plan to increase capital return in the first half of 2016 as the board approved an incremental $1.9 billion in share buybacks,” Mr. Dimon concluded. “As we build for the future, we are continuously innovating and investing to succeed. We are strengthening the Firm to withstand any environment and to maintain scale and profitability through the cycle.”
