By Max Clarke
Financial superpower JPMorgan Chase (NYSE: JPM) reported first quarter net income of $5.6 billion, up 67% from the previous year.
“The Firm’s results reflected a strong quarter across the Investment Bank and solid performance from Card Services, Commercial Banking, Treasury & Securities Services, and Asset Management. These results partially benefited from improved credit trends in our credit card and wholesale businesses,” commented Jamie Dimon, CEO.
The investment banking branch of the 250,000 employee strong firm saw strong results, posting a net revenue of $8.2 billion.
Credit lent and capital raised for the firm’s clients totalled $450 billion, while the JPChase employed a further 16,000 staff across the world. Other acheivements include are outlined by Dimon:
“— we originated mortgages to over 180,000 people; we provided credit cards to approximately 2.6 million people; we lent or increased credit to over 7,500 small businesses,allowing them to expand; we lent to over 500 not-for-profit and government entities, including states, municipalities, hospitals and universities; we extended or increased loan limits to approximately 1,500 middle market companies; and we lent to or raised capital for more than 3,500 corporations.”
Retail financial services and mortgage banking both reported losses of $208 million and $937 million respectively; while commercial banking jumped 40% to $546 million, driven in part by a reduction in the provision for credit losses and higher net revenue.