4/14, 12:51 PM (Source: TeleTrader)
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JPMorgan Q1 net income surges 400% YoY to 14.3B

JPMorgan Chase & Co. reported on Wednesday its net income in the first fiscal quarter of 2021 beat analysts' expectations, jumping 399% per annum to land at $14.30 billion.

Revenue rose 14% to $33.12 billion. Expenses grew 12% to stand at $18.7 billion. Earnings per share were $4.50. Return on tangible common equity was 29%. The result includes $5.2 billion in non-recurring profits coming from credit reserve releases.

Per segment, the consumer and community banking reported a 6% fall in net revenues at $12.5 billion, while net income surged to $6.7 billion. Average deposits were up 32%, while average loans fell 7%. The corporate and investment bank saw a 46% increase in net revenue at $14.6 billion and a 189% jump in net income at $5.7 billion. Commercial banking's net revenue climbed 11% to $2.4 billion. Net income was at $1.2 billion. Asset and wealth management's net revenues and income rose to $4.1 billion and $1.2 billion, while corporate posted a loss of $473 million and $580 million respectively.

Breaking the News / MD