JPMorgan Chase & Co. recorded a double-digit decline in the first three months of the year due to a net credit reserve build, the financial giant announced in a filing.
- Net income for the first quarter stood at $8.282 billion, down by 42% from $14.3 billion in the same quarter last year and $10.399 billion in the fourth quarter of 2022. Diluted earnings per share fell to $2.63 from $4.50 the year earlier.
- JPMorgan attributed the decline to the net credit reserve build of $902 million during the quarter, which compares to a net credit reserve release of $5.2 billion recorded in the same period in 2021.
- Net revenue for the quarter was recorded at $31.590 billion, 5% lower than the $33.119 billion in the previous year, but 4% higher than the $30.349 billion recorded in the fourth quarter of 2021.
- Chairman and Chief Executive Jamie Dimon said the firm extended credit and raised capital worth $640 billion for large and small businesses, governments, and US consumers during the period.
Dimon noted that the firm’s focus for the quarter remained on helping clients to “navigate difficult markets and unpredictable events.” JPM is down 2.23%, while IYG is down 0.08%.