J.P. Morgan Chase & Co. (NYSE: JPM) reported Wednesday that its first-quarter net income climbed to $5.6 billion, or $1.28 a share, from $3.3 billion, or 74 cents a share, in the year-earlier quarter. Revenue declined to $25.2 billion from $27.7 billion. Analysts, on average, expected the company to earnings of $1.15 a share on revenue of $25.2 billion. also increased its quarterly dividend to 25 cents a share from 5 cents a share.
The company also set plans to buy back $8 billion in stock this year as part of a $15 billion stock buyback program.
Jamie Dimon, Chairman and Chief Executive Officer, commented on the quarter: "The Firm's results reflected a strong quarter across the Investment Bank and solid performance from Card Services, Commercial Banking, Treasury & Securities Services, and Asset Management. These results partially benefited from improved credit trends in our credit card and wholesale businesses."
Commenting on the balance sheet, Dimon said: "We strengthened our fortress balance sheet, ending the first quarter with a strong Tier 1 Common ratio of 10.0%. Looking forward, we intend to operate the business with the objectives of maintaining a Basel I Tier 1 Common ratio of at least 9.0% and meeting the Basel III requirements substantially ahead of time. Our earnings power will allow us to generate significant capital in excess of our objectives, enabling us to invest aggressively in our future.
Shares of JP Morgan rose more than 1% in Wednesday's pre-market trading.
Full Disclosure: None.
