Freddie Mac: Here are the top 5 improving metro markets for housing

The Census Bureau is cooking the new home sales numbers

You can’t make bricks with imaginary straw

The 12 hottest housing markets right now

And the biggest losers in the price growth race
W S
Lending

JPMorgan Chase records $5.3 billion 1Q net income

Misses earnings estimates amid mortgage headwinds

tighten money
/ Print / Reprints /
| Share More
/ Text Size+

JPMorgan Chase (JPM) recorded a first-quarter 2014 net income of $5.3 billion, or $1.28 per share, a drop from $6.5 billion, or $1.59 per share, in the first quarter of 2013.

Revenue for the quarter slipped to $23.9 billion, down 8% compared with the prior year.

The mega bank missed earnings estimates in the first quarter, with its EPS of $1.28 missing by 11 cents and its revenue of $23.9 billion missing by $0.69 billion, according to analysts with Seeking Alpha.

Mortgage production revenue was 76% lower year-over-year, primarily on lower volumes, while originations were down 68% year-over-year and 27% quarter-over-quarter.

In addition, mortgage servicing posted a pretax loss of $270 million, down $169 million year-over-year.

Looking ahead, the bank said to expect mortgage production pretax income to be a loss of approximately $100-150 million in 2Q14, and pretax income to be negative for the full year 2014.

“JPMorgan Chase had a good start to the year, given there were industry-wide headwinds in Markets and Mortgage. Consumer & Community Banking deposit growth and card sales volume both remain above the industry average, and we have made significant progress in Business Banking originations – up 22%,” Jamie Dimon, chairman and CEO, said.

“We have growing confidence in the economy – consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets – and we are doing our part to support the recovery,” Dimon continued. 

Recent Articles by Brena Swanson

Comments powered by Disqus