JPMorgan beats, investment bank has a record quarter (JPM)

“We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year,” JPMorgan chief Jamie Dimon said in a statement.

The $1.65 earning per share number compares to analyst expectations of $1.52.

The performance was driven by strong gains in corporate and investment banking and commercial banking, while consumer and community banking profits dropped.

Here are the headline numbers:

• Company wide net income: $6.4 billion, up 17%.
• Company wide managed revenue: $25.6 billion, up 6%.
• Consumer and Community Banking net income: $2 billion, down 20%.
• Corporate and Investment Bank net income: $3.2 billion, up 64%.
• Commercial Banking net income: $799 million, up 61%.
• Asset and wealth management net income: $385 million, down 34%.

Multiple units in the bank posted a record quarter (emphasis added):

• Corporate and Investment Bank: “Record net income and Investment Banking fees for a first quarter of $3.2 billion, up 64% and $1.8 billion, up 37%, respectively.”
• Commercial Bank: “Record revenue of $2.0 billion, up 12%; record net income of $799 million, up 61%.”
• Asset and wealth management: “Record average loan balances of $118 billion, up 7%; record average deposit balances of $159 billion, up 5%. Record assets under management (“AUM”) of $1.8 trillion, up 10%.”

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