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J P Morgan Chase & Co (JPM) has reported 23.79 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6,727 million, or $1.71 a share in the quarter, compared with $5,434 million, or $1.32 a share for the same period last year. Revenue during the quarter went up marginally by 2.15 percent to $23,376 million from $22,885 million in the previous year period. Non-interest income for the quarter fell 0.32 percent over the last year period to $11,623 million.
J P Morgan Chase & Co has made provision of $864 million for loan losses during the quarter, down 30.94 percent from $1,251 million in the same period last year.
Jamie Dimon, Chairman and Chief executive officer, commented on the financial results: “Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses. In the Consumer business, we had double digit growth in deposits and core loan balances, our credit card sales volume was a record, and for the year we had over $1 trillion of merchant processing volume. We saw continued momentum from the third quarter in CIB with strong Markets results across products. Asset Management and Commercial Banking both grew loans and deposits nicely in a competitive environment.”
Liabilities outpace assets growth
Total assets stood at $2,490,972 million as on Dec. 31, 2016, up 5.92 percent compared with $2,351,698 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,236,782 million as on Dec. 31, 2016, up 6.30 percent from $2,104,125 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $880,989 million as on Dec. 31, 2016, up 6.95 percent compared with $823,744 million on Dec. 31, 2015. Deposits stood at $1,375,179 million as on Dec. 31, 2016, up 7.46 percent compared with $1,279,715 million on Dec. 31, 2015. Loans to deposits ratio was stable at 65 percent in the quarter, when compared with the last year period.
Investments stood at $757,598 million as on Dec. 31, 2016, up 3.30 percent or $24,211 million from year-ago. Shareholders equity stood at $254,190 million as on Dec. 31, 2016, up 2.67 percent or $6,617 million from year-ago.
Return on assets moved up 16 basis points to 1.06 percent in the quarter from 0.90 percent in the last year period. At the same time, return on equity increased 200 basis points to 11 percent in the quarter from 9 percent in the last year period.
Nonperforming assets moved up 7.12 percent or $501 million to $7,535 million on Dec. 31, 2016 from $7,034 million on Dec. 31, 2015.
Tier-1 leverage ratio stood at 8.40 percent for the quarter, down from 8.50 percent for the previous year quarter. Book value per share was $64.06 for the quarter, up 5.95 percent or $3.60 compared to $60.46 for the same period last year.
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