JPMorgan Chase has reported a net income of $5.52bn for the first quarter of 2016, a fall of 6.7% compared to $5.91bn in the prior year.
Net revenue for the quarter was $23.24bn, a fall of 3.4% from $24.06bn a year ago.
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The group’s provision for credit losses increased 90.2% to $1.82bn from $959m a year earlier. Noninterest expense dropped 7.02% year-on-year to $13.84bn from $14.88bn.
The bank’s consumer and community banking unit has posted a net income of $2.49bn for the first quarter of 2016, up 12.2% from $2.22bn in the year-ago quarter. The unit’s net revenue was $11.12bn, a 3.8% rise from $10.7bn a year ago.
Net interest income increased 4.9% to $7.31bn from $6.97bn in the first quarter of 2015. Noninterest revenue increased 1.8% to $3.8bn from $3.73bn a year ago.
The division’s provision for credit losses was up by 12.9% year-on-year to $1.05bn from $930m.
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By GlobalDataJPMorgan chairman and CEO Jamie Dimon said: "We delivered solid results this quarter with strong underlying drivers. The consumer businesses continue to grow loans and deposits impressively, attracting deposits faster than the industry. The U.S. consumer remains healthy and consumer credit trends are favorable.
