Treasury and CIO reported a net loss of $157 million, compared with net income of $417 million in the prior year. Net revenue was a loss of $110 million, compared with net revenue of $845 million in the prior year. Net revenue included net securities gains of $103 million from sales of available-for-sale investment securities during the current quarter and principal transactions revenue of $99 million. Net interest income was a loss of $388 million due to low interest rates and limited reinvestment opportunities.
Other Corporate reported net income of $605 million, compared with a net loss of $95 million in the prior year. The current quarter included an after-tax benefit of $620 million for tax adjustments, which was partially offset by a pretax expense of $184 million for additional litigation reserves. The prior year included pretax expense of $527 million for additional litigation reserves.
JPMORGAN CHASE (JPM) (*)
|Results for JPM($ millions)||3Q12||4Q11|
|4Q12||3Q12||4Q11||$ O/(U)||O/(U) %||$ O/(U)||O/(U) %|
|Provision for Credit Losses||656||1,789||2,184||(1,133)||(63)||(1,528)||(70)|
(*) Presented on a managed basis. See notes on page 14 for further explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $23,653 million, $25,146 million, and $21,471 million for the fourth quarter of 2012, third quarter of 2012, and fourth quarter of 2011, respectively.
Discussion of Results:
Net income was $5.7 billion, up $2.0 billion, or 53%, from the prior year. The increase in earnings was driven by higher net revenue and lower provision for credit losses, partially offset by higher noninterest expense.