JPMorgan Chase Reports First-Quarter 2017 Net Income of $6.4 Billion, Or $1.65 Per Share

JPMorgan Chase press release ------- Net income was $6.4 billion, an increase of 17%. Net revenue was $25.6 billion, up 6%. Net interest income was $12.4 billion, up 6%, primarily driven by loan growth and the net impact of higher rates. Noninterest revenue was $13.2 billion, up 6%, primarily driven by the Corporate & Investment Bank, largely offset by Card new account origination costs and lower MSR risk management results. Noninterest expense was $15.0 billion, up 9%, primarily driven by higher compensation and legal expense, auto lease depreciation, and FDIC-related expense, as well as a contribution to the Firm's Foundation. The provision for credit losses was $1.3 billion, down from $1.8 billion, due to net reserve releases in the Wholesale portfolio, partially offset by an increase in the Consumer provision. The Wholesale net reserve releases were $93 million in the current quarter, primarily driven by Oil & Gas, versus reserve increases of $713 million in the prior-year quarter. The increase in the Consumer provision included a write-down of the Student loan portfolio, and higher Card net charge-offs, which were in line with expectations. First-quarter results included a tax benefit of $373 million related to the appreciation of the Firm’s stock price upon vesting of employee stock-based awards above their original grant price. To get more in depth information click on the picture below to read the release.