JPMorgan Chase Q1 Results Top Estimates

(RTTNews) - US investment bank JPMorgan Chase & Co. (JPM) reported Friday that net income for the first quarter increased to $13.42 billion or $4.44 per share from $12.62 billion or $4.10 per share in the prior-year quarter.

Excluding a $0.19 per share increase to the FDIC special assessment, net income for the quarter was $4.63 per share.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $3.82 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.88 billion, compared to last year's $2.28 billion.

Total net revenue on a reported basis was $41.93 billion. On a managed basis, net revenue was $42.55 billion, up 9 percent from $39.34 billion in the previous year. Wall Street expected revenues of $38.53 billion for the quarter.

Net interest income was $23.2 billion, up 11 percent or up 5 percent excluding First Republic, while non-interest revenue was $19.3 billion, up 5 percent or up 3 percent excluding First Republic from last year.

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