JPMorgan Chase & Co. reported a net income for the first quarter of 2014 of $5.3 billion, plummeting by 18.4% from $6.5 billion compared with the first quarter of 2013.
Overall, revenue for the quarter was $23.9 billion, also down 8% compared with the prior year. The group’s return on tangible common equity for the first quarter of 2014 was 13%, compared with 17% in the prior year, the bank reported.
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However, revenue from private banking was $1.5 billion, up 4% compared with the prior year.
Client assets were $2.4 trillion, an increase of $223 billion, or 10%, compared with the previous year. Assets under management were $1.6 trillion, an increase of $165 billion, or 11%, from 2013, due to the effect of higher market levels and net inflows to long-term products. Custody, brokerage, administration and deposit balances were $746 billion, up $58 billion, or 8%, from the prior year, due to the effect of higher market levels and custody inflows, partially offset by brokerage outflows.
CEO Jamie Dimon said: "We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery. JPMorgan Chase provided credit and raised capital of over $450 billion for our clients during the first quarter of 2014, which included $5 billion for US small businesses."
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