JPMorgan Chase reported first-quarter earnings on Wednesday, and although the bank's net income was down 7% to $5.5 billion, and net revenue was down 3% at 24.1 billion, there was good news in its mortgage banking sector.
Mortgage banking net revenue was up 7% to $1.9 billion, which the bank's earning statement attributes to "higher MSR risk management results and strong loan growth, partially offset by lower servicing revenue."
The bank's earnings per share decreased to $1.35 from $1.45, but that was better than the average expectations of $1.26 a share, according to a Thomson Reuters consensus estimate.
"The consumer businesses continue to grow loans and deposits impressively, attracting deposits faster than the industry," JPMorgan Chase CEO Jamie Dimon said in the earnings report. "The U.S. consumer remains healthy and consumer credit trends are favorable.”
A snapshot of JPMorgan Chase's earnings by division:
- Consumer and community banking: Net income up 12%, net revenue up 4%
- Corporate and investment bank: Net income down 22%, net revenue down 15%
- Commercial banking: Net income down 17%, net revenue up 3%
- Asset management: Net income up 17%, net revenue down 1%
- Corporate: Net loss was $32 million, net revenue was $56 million
Bank of America and Wells Fargo will report earnings tomorrow.