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JPMorgan Chase profit falls 19 percent in Q1

Rochester Business Journal
April 11, 2014

JPMorgan Chase & Co., the largest employer and second-largest deposit taker among financial institutions in the Rochester market, reported a 19 percent drop in first quarter net income Friday, with earnings per share 13 cents short of analyst estimates.

The company reported net income of $5.3 million, or $1.28 a diluted share, down from $6.5 million, or $1.59 a share, in the first quarter 2013. Net revenue totaled $23 billion, a decline of 8.5 percent.

Analysts had expected earnings per share of $1.41 and on $24.5 billion in revenue.

“JPMorgan had a good start to the year, given there were industrywide headwinds in markets and mortgage,” Chairman and CEO James Dimon said in a statement.

Mortgage originations totaled $17 billion, down 68 percent from a year ago and 27 percent from the fourth quarter 2013, the company reported.

Company stock (NYSE: JPM ) was down 3 percent at midday at $55.60.

“We have growing confidence in the economy,” Dimon said. “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 ranks second in the local market with local deposits of $2.1 billion.
 
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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