Nation's Largest Bank Reports 6.7 % drop in Profits

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Source:   —  April 13, 2016, at 4:43 PM

The bank'south net income fell to $5.52 billion in the first quarter ended March thirty-one, from $5.91 billion a year earlier.

Nation's Largest Bank Reports 6.7 % drop in Profits

JPMorgan Chase, the nation'south largest bank by assets, reported a 6.7 % drop in quarterly profit as costs to cover possible sour loans to troubled shale oil companies rose and income from trading and investment banking declined.

The bank'south net income fell to $five.52 billion in the first quarter ended March thirty-one, from $five.91 billion a year earlier. On a per-share basis, earnings fell to $1.35 from $1.45.

Income for the quarter came in at $24.08 billion, against the comparable year-ago figure of $24.82 billion.

Analysts had expected JPMorgan to report earnings of about $1.26 a share on $23.39 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares of the banking giant have fallen more than ten % in two thousand-sixteenth. Still, JPMorgan shares are outperforming those of Goldman Sachs, another Dow component, which have fallen nearly fifteen % year to date.

Read More From CNBC: JPMorgan Cuts 5 % of Asia Wealth Management Jobs

CEO Jamie Dimon also bought over $25 million of JPMorgan'south own stock early in the first quarter.

Earlier Wednesday, Reuters reported that JPMorgan cut thirty jobs, or 5 % of its headcount, at its Asia wealth management business, according to a source with direct information of the matter, as the U. S. bank sharpens its focus on tapping wealthier clients.

JPMorgan is the first U. S. bank to report results since the Federal Reserve'south decision in December to lift interest rates by 0.25 percentage points, the first hike in nearly a decade.

Bank of America and Wells Fargo, the second and third-biggest U. S. banks, report on Thursday.

Reuters contributed to this report.

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