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JPMorgan Chase profit rises 33 percent in Q1

Rochester Business Journal
April 12, 2013

JPMorgan Chase & Co. on Friday reported first-quarter net income of $6.5 billion attributable to common shareholders, up 33 percent from a year ago and 19 cents a share above Wall Street estimates.
 
Diluted earnings per share were $1.59, better than analyst projections of $1.40.The company reported net income of $4.9 billion, or $1.19 a share, a year ago.

Revenues were $25.9 billion, down 3.4 percent from $26.8 billion.

“JPMorgan Chase had a very good start to the year,” Chairman and CEO James Dimon said in a statement. “All our businesses had strong performance, and our client franchises did exceptionally well.”

There are positive signs that the economy is healthy and getting stronger, Dimon said.

“Housing prices continued to improve and new home purchases are also starting to come back,” he said. “We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident.”

Loan growth industrywide is the exception, Dimon added.

“Small businesses remain cautious about the recovery and fiscal uncertainty, and are not investing their capital,” he said. “However, companies’ balance sheets are much stronger than they were before the financial crisis, and small businesses remain well-positioned to invest in growth once they decide to.”

JPMorgan Chase Bank N.A ranks second in the Rochester market with local deposits of $1.7 billion, data from the Federal Deposit Insurance Corp. shows. It is the largest employer among the market’s financial institutions

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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