JPMorgan Chase has
kicked off the US reporting season with a record net annual profit
of $18.98bn, up 9% year-on-year.

Net profit at Chase’s
Retail Financial Services (RFS) unit fell slightly in the year to
31 December, down 3% to $1.68bn but net profit soared by 58% to
$4.54bn at its Card Services and Auto division.

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Group wide, total assets
increased by 7% year-on-year to $2.27trn.

Retail banking
highlights in fiscal 2011 included:

  • Online banking customer numbers increased
    by 3% to 17.3m;
  • Mobile banking customers jumped by 57% to
    8.9m;
  • Chase’s investment in its branch channel
    resulted in an increase of 240 net outlets, a 5% increase in
    branches to 5,508 units;
  • Average total deposits within the RFS
    unit were $367.9bn, up 7% from the prior year-end;

Other highlights
included a 58% drop in provisions for credit losses at Chase’s card
unit, from $8.57bn in 2010 to $3.62bn last year.

Group wide, total
deposits rose sharply, by 21% to $1.13trn.

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Less positive metrics
included a 5 percentage point rise in the bank’s cost-income ratio
to 65%.

Total employee numbers
in 2011 rose by 8% to 260,157.

Looking ahead, Chase CEO
Jamie Dimon was upbeat about the banks ability to prosper from an
improving US economy and flagged up signs of improvement in loan
demand and credit quality.