JPMorgan Q1 Net Profit Up 13% - Update

(RTTNews) - US investment bank JPMorgan Chase & Co. (JPM) reported Tuesday that net income for the first quarter grew to $16.49 billion or $5.94 per share from $14.64 billion or $5.07 per share in the prior-year quarter.

The provision for credit losses was $2.51 billion, reflecting a net reserve build of $191 million and net charge-offs of $2.3 billion, compared to last year's $3.31 billion, reflecting a net reserve build of $973 million and net charge-offs of $2.3 billion.

Total net revenue on a reported basis grew 10 percent to $49.84 billion from last year. On a managed basis, net revenue was $50.54 billion, up 10 percent from $46.01 billion in the same quarter last year.

Net interest income grew 9 percent to $25.5 billion from last year, while it was up 3 percent to $23.3 billion, excluding Markets.

Non-interest revenue was up 11 percent to $25.1 billion from last year, while it was up 14 percent, excluding Markets, to $15.7 billion from last year.

Noninterest expense was $26.9 billion, up 14 percent, driven by higher compensation, including higher revenue-related compensation and growth in front office employees, as well as higher brokerage expense and distribution fees, higher auto lease depreciation and higher marketing expense.

In Tuesday's pre-market trading, JPM is trading on the NYSE at $308.01, down $5.38 or 1.72 percent.

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