On Friday, JPMorgan Chase & Co., the largest bank in the United States by assets and market capitalization, reported quarterly net income of $5.4 billion and earnings per share of $1.31.
Analysts were expecting $1.16 per share. Revenue and profit declined at most of JPMorgan’s businesses, including investment banking.
“While several significant items affected our results, overall, the firm’s performance in the first quarter was solid,” Chairman and CEO James Dimon said in a statement.
JPMorgan Chase’s earnings also fell from the same quarter one year earlier with 3%, while its revenue grew 6% from last year to $24.4 billion, according to sources.
JPMorgan’s revenue at its investment bank was $7.3 billion, compared with $8.2 billion last year.
“However, with respect to our mortgage banking business, we expect to see elevated levels of costs and losses associated with mortgage-related issues for a while longer,” Dimon said.
