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JPMorgan Chase Reports Fourth-Quarter 2012 Net Income Of $5.7 Billion, Or $1.39 Per Share, On Revenue1 Of $24.4 Billion

Stocks in this article: JPM

The provision for credit losses was $1.1 billion, compared with $1.8 billion in the prior year and $1.9 billion in the prior quarter. The current-quarter provision reflected a $700 million reduction in the allowance for loan losses and total net charge-offs of $1.8 billion. The prior-quarter provision reflected a $955 million reduction in the allowance for loan losses and total net charge-offs of $2.8 billion, including $880 million of incremental charge-offs reported in accordance with regulatory guidance for Chapter 7 loans. For more information, see the Consumer Credit Portfolio section of the Firm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.

Noninterest expense was $8.0 billion, an increase of $1.2 billion from the prior year, driven by costs related to mortgage-related matters, including the impact of the Independent Foreclosure Review settlement and the write-off of intangible assets associated with a non-strategic relationship in Credit Card.

Key Metrics and Business Updates: (All comparisons refer to the prior-year quarter except as noted; banking portal ranking is per compete.com, as of November 2012)

  • Number of branches was 5,614, an increase of 106 from the prior year and 18 from the prior quarter.
  • Number of active mobile customers was 12.4 million, an increase of 51% compared with the prior year and 7% compared with the prior quarter.
  • Number of active online customers was 31.1 million, an increase of 5% compared with the prior year and 1% compared with the prior quarter; Chase.com is the #1 most visited banking portal in the U.S.
  • #1 in American Customer Satisfaction Index (ACSI) survey for customer satisfaction in retail banking among large banks.

Consumer & Business Banking reported net income of $756 million, a decrease of $36 million, or 5%, compared with the prior year.

Net revenue was $4.3 billion, down 1% from the prior year. Net interest income was $2.6 billion, down 3% compared with the prior year, driven by the impact of lower deposit margin, largely offset by higher deposit balances. Noninterest revenue was $1.6 billion, an increase of 3%, driven by higher debit card revenue and investment sales revenue, partially offset by lower deposit-related fees.

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