Chase posts solid earnings in Q1 image credit: shutterstock

Chase has reported net income of $13.4bn, up 6%, year-over-year. Net revenue of $42.5bn is up by 8%, or up 4% excluding its First Republic acquisition.

Net interest income continues to rise sharply, ahead by 11% y-o-y or up 5% excluding First Republic. Non-interest revenue of $19.3bn is ahead by 5% y-o-y.

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The current quarter reflects higher asset management fees and higher Investment Banking fees. This is predominantly offset by lower CIB Markets non-interest revenue. One negative metric is a 13% rise in non-interest expenses. This is driven by higher compensation. Notably, headcount rises by 2,000 from a year ago or 5% to almost 312,000 employees.

The provision for credit losses of $1.9bn reflects net charge-offs of $2.0bn and a net reserve release of $72m.

Consumer banking revenue +7%, mobile banking users up by 7%

Average loans are up 16%, or up 3% excluding First Republic. Average deposits are up 2%, or flat excluding First Republic.

Consumer and community banking net income falls by 8% to $4.8bn but revenue rises by 7% to $17.7bn.

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Net income was $4.8 billion, down 8%, or down 15% excluding First Republic. Net revenue was $17.7 billion, up 7%, or up 1% excluding First Republic. Banking and Wealth Management net revenue of $10.3bn is ahead by 3%. Channel highlights include a 7% y-o-y rise in active mobile banking customers.

Jamie Dimon, Chairman and CEO, said: “We reported strong results in the first quarter, delivering net income of $13.4bn or $14.0 excluding a $725m increase to the FDIC special assessment. Last month, we announced a 10% increase to the common dividend. Our exceptionally high CET1 capital ratio of 15.0% and peer-leading returns provide us with the capacity and flexibility to both reinvest for growth and maintain an attractive capital-return profile, without compromising our fortress balance sheet.

“This quarter, NII declined 4% sequentially, and as expected, NII ex. Markets declined 2% sequentially. This is due to deposit margin compression and lower deposit balances, mostly in CCB. Looking ahead, we expect normalisation to continue for both NII and credit costs. In CB, we saw strong growth in Payments fees and onboarded a significant number of new client relationships. Finally, in AWM, asset management fees were up 14%, with continued strong net inflows.”