Fitch: Investment Bank Drives Strong First Quarter Results at JPMorgan

April 14, 2015 6:56 PM

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(The following statement was released by the rating agency) NEW YORK, April 14 (Fitch) JPMorgan Chase & Co. (JPM) reported strong first quarter results, with net income up 12.1% year-over-year, driven by solid earnings in the corporate and investment bank (CIB) and improved adjusted expense performance, according to Fitch Ratings.

Credit trends remained strong, with net charge-offs down 17.1% from first quarter 2014 (1Q'14), but Fitch believes provision expenses will continue to be a headwind as reserve releases decline and core portfolios grow. Core loan growth was 10% in the quarter and the bank's return on tangible common ...

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