Banking giant JPMorgan Chase & Co. (JPM) posted higher first-quarter net income of $6.53 billion, or $1.59 per share, compared with the prior year's $4.92 billion, or $1.19 per share. On average, 30 analysts polled by Thomson Reuters expected earnings per share of $1.40 for the quarter. Analysts' estimates typically exclude one-time items.
However, on a managed basis, the firm clocked revenue of $25.8 billion for the quarter, down 3% from last year's $26.8 billion, with reported total net revenue slipping 4% to $25.12 billion, from $26.05 billion a year before. Analysts estimated revenues of $25.97 billion for the quarter.
Further, the board plans to increase the second-quarter common stock dividend to $0.38 per share from the current $0.30 per share. Additionally, the board has authorized the company to buy back $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014.
by RTT Staff Writer
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