The provision for credit losses and net charge-offs were both $110 million (2.36% net charge-off rate), compared with $132 million (3.02% net charge-off rate) in the prior year.

Noninterest expense was $2.9 billion, up 2% from the prior year, largely driven by new branch builds.

Key Metrics and Business Updates: (All comparisons refer to the prior-year quarter except as noted)
  • Average total deposits were $404.0 billion, up 10% from the prior year and 3% from the prior quarter; deposit growth rates were among the best in the industry (as of November 2012).
  • Deposit margin was 2.44%, compared with 2.76% in the prior year and 2.56% in the prior quarter.
  • Accounts totaled 28.1 million, up 5% from the prior year and 1% from the prior quarter.
  • Chase Private Client locations totaled 1,218, an increase of 956 from the prior year and 258 from the prior quarter.
  • Record end-of-period Business Banking loans of $18.9 billion, up 7% from the prior year and 2% from the prior quarter.
  • Average Business Banking loans were $18.5 billion, up 7% from the prior year and 1% from the prior quarter; originations were $1.5 billion, up 10% from the prior year and down 9% from the prior quarter; Chase continues to be the #1 SBA lender (in number of loans, as of November 2012).
  • Branch sales of investment products were up 49% compared with the prior year and 11% compared with the prior quarter.
  • Client investment assets, excluding deposits, were $158.5 billion, up 15% from the prior year and 2% from the prior quarter.

Mortgage Banking reported net income of $418 million, compared with a net loss of $269 million in the prior year.

Net revenue was $3.3 billion, an increase of $1.2 billion compared with the prior year. Net interest income was $1.2 billion, down $94 million. Noninterest revenue was $2.1 billion, an increase of $1.3 billion, driven by higher mortgage fees and related income.

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