The consumer & community banking (CCB) division of JPMorgan Chase has posted a net income of $2.53bn for the second quarter of 2015, a marginal increase of 1% compared to $2.49bn in the year ago quarter.
The division’s net revenue was $11bn, a decrease of 4% from $11.52bn in the second quarter of 2014. Net interest income was $6.9bn, down 2%, driven by spread compression, largely offset by higher deposit and loan balances.
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Overall, JPMorgan Chase group posted a net income of $6.29bn for the second quarter of 2015, an increase of 5% compared to $5.98bn in the year ago quarter. Net revenue was $24.5bn, a decrease 3% compared to $25.34bn in the second quarter of 2014.
"The decline in revenue was driven by lower mortgage banking revenue and lower CIB Markets revenue related to business simplification, partially offset by growth in asset management," the bank said in a statement.
The group’s provision for credit losses was $935bn, up 35%, despite lower net charge-offs, due to lower reserve releases compared with the prior year.
Commenting on the results, JPMorgan Chase chairman and CEO Jamie Dimon said: "This quarter was another example of the power of our platform and risk discipline, and of being there for our clients – as we always are – in good times and in volatile markets."
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By GlobalData"W e are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non-operating deposits, and adding to our capital. We are also on target to deliver on our expense commitments. We continue to add value to our customers, clients and communities, and, as always, we operate with fortress principles," Dimon added.
