JPMorgan Chase has reported a net income of $5.52bn for the first quarter of 2016, a fall of 6.7% compared to $5.91bn in the prior year.
Net revenue for the quarter was $23.24bn, a fall of 3.4% from $24.06bn a year ago. The group’s provision for credit losses increased 90.2% to $1.82bn from $959m a year earlier.
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Noninterest expense dropped 7.02% year-on-year to $13.84bn from $14.88bn.
The bank’s corporate and investment banking arm posted a net income of $1.98bn, down 21.9% from $2.54bn in the year-ago quarter.
The bank’s asset management unit registered a net income of $587m, up 16.9% from $502m in the first quarter of 2015. The unit’s net revenue stood at $2.97bn, a fall of 1.09% from $3bn in the prior year.
Total assets under management (AuM) at the unit dropped 4.7% to $1.67bn from $1.76bn a year ago.
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By GlobalDataJPMorgan chairman and CEO Jamie Dimon said: "While challenging markets impacted the industry, we maintained our leadership positions and market share in the Corporate & Investment Bank and Asset Management, reflecting the strength of our platform. Even in a challenging environment, clients continue to turn to us in the global markets and we saw positive net long-term asset flows in Asset Management."
