JPMorgan Chase & Co.'s (JPM) first-quarter reported net income decreased to $5.4 billion from $5.6 billion a year ago, while earnings per share improved to $1.31 from last year's $1.28. On average, 29 analysts polled by Thomson Reuters expected earnings per share of $1.18 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total net revenue, on a reported basis, amounted to $26.71 billion, up 6% from $25.22 billion in the prior-year quarter. On a managed basis, quarterly net revenue totaled $27.42 billion, higher than $25.79 billion in the previous year. Analysts estimated revenue of $24.68 billion for the first quarter of 2012.
Chairman and Chief Executive remarked, "We are pleased that our results for the quarter reflected positive credit trends for our consumer real estate and credit card portfolios. Estimated losses declined for these portfolios, and we reduced the related loan loss reserves by a total of $1.8 billion in the first quarter."
by RTT Staff Writer
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