Dimon concluded: “We are particularly proud that, through the turbulence of recent years, we never stopped serving clients and investing in the future of our franchise - opening new offices and branches, adding bankers in key markets, innovating and gaining market share. The capital strength and earnings power of the Firm is as strong as it has ever been, and our 260,000 employees are doing more than ever to serve our customers and clients, and support our communities around the world. Challenges still exist, but as we look forward to 2013, we remain optimistic.”
In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 14. The following discussion compares the fourth quarters of 2012 and 2011 unless otherwise noted.
CONSUMER & COMMUNITY BANKING (CCB)
|Results for CCB($ millions)||3Q12||4Q11|
|4Q12||3Q12||4Q11||$ O/(U)||O/(U) %||$ O/(U)||O/(U) %|
|Provision for Credit Losses||1,091||1,862||1,839||(771)||(41)||(748)||(41)|
Discussion of Results:
Net income was $2.0 billion, compared with $1.6 billion in the prior year.
Net revenue was $12.4 billion, an increase of $1.2 billion, or 10%, compared with the prior year. Net interest income was $7.3 billion, down $220 million, or 3%, driven by lower deposit margins and lower loan balances due to portfolio runoff, largely offset by higher deposit balances. Noninterest revenue was $5.1 billion, an increase of $1.4 billion, or 37%, driven by higher mortgage fees and related income.