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JPMorgan Chase & Co Q1 Profit Tops Estimates; Net Revenue Up 5%

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JPMorgan Chase & Co (JPM) reported first-quarter earnings per share of $2.65 compared to $2.37, a year ago. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $2.35 for the quarter. Analysts' estimates typically exclude special items. Net income was a record $9.2 billion, up 5%.

First-quarter net revenue on a reported basis was $29.1 billion compared to $27.9 billion, prior year. Net revenue - managed was $29.9 billion, up 5%. Analysts expected revenue of $28.44 billion for the quarter. Net interest income was $14.6 billion, up 8%, predominantly driven by the impact of higher rates, as well as balance sheet growth and mix. Noninterest revenue was $15.3 billion, up 1%.

Noninterest expense was $16.4 billion, up 2%, driven by investments in the business, including technology, marketing, real estate and front office hires, as well as higher auto lease depreciation, partially offset by the absence of the prior-year FDIC surcharge and lower performance-based compensation.

The provision for credit losses was $1.5 billion, an increase of $330 million from the prior year. The company said the increase was driven by the Wholesale portfolio.

Jamie Dimon, Chairman and CEO, said: "In Consumer & Community Banking, client investment assets topped $300 billion, with record new money driven by our physical and digital channels. Consumer spending remains robust with credit card sales and merchant processing volume up double digits. Investment Banking results were strong - particularly in debt underwriting and advisory - as the Firm maintained its #1 rank in Global IB fees and Commercial Banking generated record gross IB revenue. As the environment stabilized, the Markets business performed solidly, although down from a particularly strong prior-year quarter. And Asset & Wealth Management grew AUM 4% with continued net longterm inflows."

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