JPMorgan Chase Reports Record First-Quarter 2013 Net Income of $6.5 Billion, or a Record $1.59 Per S

JPMorgan Chase Reports Record First-Quarter 2013 Net Income of $6.5 Billion, or a Record $1.59 Per Share, on Revenue 1 of $25.8 Billion

17% Return on Tangible Common Equity 1


Supported Consumers, Businesses and Communities

NEW YORK--(BUSINESS WIRE)-- JPMorgan Chase & Co. (NYS: JPM) :

  • Strong performance across all businesses 2
    • Consumer & Community Banking deposits were up 10%; mortgage originations were up 37% to $52.7 billion; Credit Card sales volume 1 was up 9%
    • Corporate & Investment Bank reported strong performance across products and maintained its #1 ranking for Global Investment Banking fees; assets under custody were up 8% to $19.3 trillion
    • Asset Management achieved its sixteenth consecutive quarter of positive net long-term client flows, a record of $31 billion for the first quarter; assets under supervision were a record $2.2 trillion; loan balances were up 27% to a record $81.4 billion
  • The Board intends to increase the second-quarter common stock dividend to $0.38 per share 3 from the current $0.30 per share; the Firm repurchased $2.6 billion of common equity in the first quarter and is authorized to repurchase an additional $6 billion of common equity through the first quarter of 2014
  • Fortress balance sheet strengthened
    • Basel I Tier 1 common 1 of $143 billion, or 10.2%
    • Estimated Basel III Tier 1 common 1 of 8.9% 4 , up from 8.7% in the prior quarter
    • High Quality Liquid Assets 5 of $413 billion
  • First-quarter results included the following significant items
    • $650 million pretax benefit ($0.10 per share after-tax increase in earnings) from reduced mortgage loan loss reserves in Real Estate Portfolios
    • $500 million pretax benefit ($0.08 per share after-tax increase in earnings) from reduced credit card loan loss reserves in Card Services
  • JPMorgan Chase supported consumers, businesses and our communities
    • $480 billion of credit 1 provided and capital raised in the first quarter
      • $78 billion of credit 1 provided for consumers; originated more than 260,000 mortgages
      • Nearly $4 billion of credit 1 provided for U.S. small businesses
      • $123 billion of credit 1 provided for corporations
      • More than $255 billion of capital raised for clients
      • More than $17 billion of credit 1 provided and capital raised for nonprofit and government entities, including states, municipalities, hospitals and universities
    • Hired nearly 5,300 U.S. veterans and service members since the beginning of 2011

JPMorgan Chase & Co. (NYS: JPM) today reported record net income of $6.5 billion for the first quarter of 2013, compared with net income of $4.9 billion in the first quarter of 2012. Earnings per share were a record $1.59, compared with $1.19 in the first quarter of 2012. Revenue1 for the quarter was $25.8 billion, compared with $26.8 billion in the prior year. The Firm's return on tangible common equity1 for the first quarter of 2013 was 17%, compared with 15% in the prior year.

As previously announced, the Board of Directors intends to increase the second-quarter common stock dividend to $0.38 per share3 from the current $0.30 per share, returning the dividend to its highest level. The Board has also authorized the Firm to repurchase $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014. During the first quarter of 2013, the Firm repurchased $2.6 billion of common equity. The Federal Reserve asked the Firm to submit by the end of the third quarter an additional capital plan addressing the weaknesses it identified in the Firm's capital planning processes. The Firm is dramatically increasing the resources deployed and intends to fully address their requirements. Following their review, the Federal Reserve may require the Firm to modify its capital distributions.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: "JPMorgan Chase had a very good start to the year. All our businesses had strong performance, and our client franchises did exceptionally well. The Corporate & Investment Bank was #1 in fees, global debt and equity, syndicated loans, and announced M&A. Those leadership positions reflect the volume of business we do with clients and it is a great result. Consumer & Community Banking deposits were up 10% compared with the prior year, client investment assets were up 15%, and mortgage loan originations were up 37%. Asset Management also had strong performance with loan balances up 27% compared with the prior year. Assets under supervision were up 8% to $2.2 trillion. This business achieved a record $31 billion of net long-term client flows for the first quarter."

Dimon continued: "We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident. As a result, we reduced the allowance for loan losses in Consumer & Community Banking in the first quarter by a total of $1.2 billion and are likely to see further releases. Credit conditions were also favorable across the wholesale loan portfolios."

Dimon added: "The exception is that loan growth across the industry has been softer this quarter, although year-on-year growth remained strong. Small businesses remain cautious about the recovery and fiscal uncertainty, and are not investing their capital. However, companies' balance sheets are much stronger than they were before the financial crisis and small businesses remain well positioned to invest in growth once they decide to. With approximately 2 million small business customers, Chase remains the nation's #1 Small Business Administration lender and we plan to serve more customers when loan demand comes back."

Commenting on the balance sheet, Dimon said: "We strengthened our fortress balance sheet, ending the first quarter with Basel I Tier 1 common capital of $143 billion and a resulting ratio1 of 10.2%; this includes the impact of the Basel 2.5 rules that became effective at the beginning of this year. We estimate that our Basel III Tier 1 common ratio1 was approximately 8.9%4 at the end of the first quarter, up from 8.7% in the fourth quarter."

Dimon continued: "We are pleased that our capital strength and earnings power will allow the Firm to return excess capital to our shareholders. We are also doing our part to support the economic recovery, providing credit1 and raising capital totaling $480 billion for our clients in the first quarter. As I said in my letter to shareholders distributed this week in the 2012 annual report, we have work to do to strengthen our controls and carry out our compliance mission. To do so, we have reprioritized our business agenda to focus on this critical effort - it is the top priority for our company. There is no room for compromise in meeting our obligations to comply with the new regulatory requirements and ensure that our systems, practices, controls, technology and, above all, culture meet the highest standards. And we will continue to work with our regulators on our common interest - to build and sustain a strong and safe financial system."

Dimon concluded: "We are very pleased with our first-quarter results, are proud of our accomplishments and remain optimistic about the future."

1 For notes on non-GAAP measures, including managed basis reporting, see page 13.For additional notes on financial measures, see page 14.

2 Percentage comparisons noted in the bullet points are calculated versus prior-year first quarter.

3 The Firm's dividends are subject to the Board's approval at the customary times those dividends are declared.

4 Includes the estimated impact of final Basel 2.5 rules and the Basel III Advanced Notice of Proposed Rulemaking.

5 High Quality Liquid Assets ("HQLA") is the estimated amount of assets the Firm believes will qualify for inclusion in the Liquidity Coverage Ratio based on its current understanding of the rules.

 

In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 13. The following discussion compares the first quarters of 2013 and 2012 unless otherwise noted. Footnotes in the sections that follow are described on pages 13 and 14.

CONSUMER & COMMUNITY BANKING (CCB)

 
Results for CCB           4Q12   1Q12
($ millions)     1Q13   4Q12   1Q12   $ O/(U)   O/(U) %   $ O/(U)   O/(U) %
Net Revenue     $11,615   $12,378   $12,363   ($763)   (6)%   ($748)   (6)%
Provision for Credit Losses     549   1,091   642   (542)   (50)   (93)   (14)
Noninterest Expense     6,790   7,966   7,038   (1,176)   (15)   (248)   (4)
Net Income     $2,586   $2,014   $2,936   $572   28%   ($350)   (12)%
     

Discussion of Results:

Net income was $2.6 billion, compared with $2.9 billion in the prior year.

Net revenue was $11.6 billion, a decrease of $748 million, or 6%, compared with the prior year. Net interest income was $7.2 billion, down $179 million, or 2%, driven by lower deposit margins and lower loan balances due to portfolio runoff, largely offset by higher deposit balances. Noninterest revenue was $4.4 billion, a decrease of $569 million, or 11%, driven by lower mortgage fees and related income.

The provision for credit losses was $549 million, compared with $642 million in the prior year and $1.1 billion in the prior quarter. The current-quarter provision reflected a $1.2 billion reduction in the allowance for loan losses and total net charge-offs of $1.7 billion. The prior-quarter provision reflected a $700 million reduction in the allowance for loan losses and total net charge-offs of $1.8 billion.

Noninterest expense was $6.8 billion, a decrease of $248 million from the prior year. The prior year included approximately $200 million for foreclosure-related matters, including adjustments for the global settlement with federal and state agencies.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted; banking portal ranking is per compete.com, as of February 2013)

  • Return on equity was 23% on $46.0 billion of average allocated capital.
  • Average total deposits were $441.3 billion, up 10% from the prior year and 4% from the prior quarter. Deposit growth was amongst the best in the industry2.
  • Mortgage originations were $52.7 billion, up 37% from the prior year and 3% from the prior quarter.
  • Credit Card sales volume2 was $94.7 billion, up 9% from the prior year and down 7% from the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 20082.
  • Auto originations were $6.5 billion, up 12% from the prior year and 18% from the prior quarter.
  • Client investment assets were $168.5 billion, up 15% from the prior year and 6% from the prior quarter.
  • Number of active mobile customers was 13.3 million, up 32% compared with the prior year and 7% compared with the prior quarter.
  • Number of active online customers was 32.3 million, up 5% compared with the prior year and 4% compared with the prior quarter; Chase.com is the #1 most visited banking portal in the U.S.
  • Winner of four TNS Choice Awards for 2013, more than any previous winner, recognizing superior performance in customer acquisition, retention, satisfaction and market share with consumer and affluent banking customers.
  • Number of branches was 5,632, an increase of 91 from the prior year and 18 from the prior quarter.

Consumer & Business Banking net income was $641 million, a decrease of $133 million, or 17%, compared with the prior year.

Net revenue was $4.2 billion, down 2% compared with the prior year. Net interest income was $2.6 billion, down 4% compared with the prior year, driven by the impact of lower deposit margins and fewer days in the period, largely offset by the impact of higher deposit balances. Noninterest revenue was $1.6 billion, an increase of 1%, driven by higher debit card revenue and investment sales revenue, largely offset by lower deposit-related fees.

The provision for credit losses and net charge-offs were both $61 million (1.32% net charge-off rate). In the prior year, the provision for credit losses and net charge-offs were both $96 million (2.19% net charge-off rate).

Noninterest expense was $3.0 billion, up 6% from the prior year, primarily driven by investments, including new branch builds, and a one-time cost related to a contract renegotiation.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)

  • Return on equity was 24% on $11.0 billion of average allocated capital.
  • Average total deposits were $421.1 billion, up 11% from the prior year and 4% from the prior quarter. Deposit growth was amongst the best in the industry2.
  • Deposit margin was 2.36%, compared with 2.68% in the prior year and 2.44% in the prior quarter.
  • Accounts2 totaled 28.5 million, up 6% from the prior year and 2% from the prior quarter.
  • Average Business Banking loans were $18.7 billion, up 6% from the prior year and 1% from the prior quarter; originations were $1.2 billion, down 20% from the prior year and 19% from the prior quarter; Chase continues to be the #1 SBA lender2.
  • Branch sales of investment products were up 40% compared with the prior year and 32% compared with the prior quarter.
  • Client investment assets were $168.5 billion, up 15% from the prior year and 6% from the prior quarter.
  • Chase Private Client branch locations totaled 1,392, an increase of 1,026 from the prior year and 174 from the prior quarter.

Mortgage Banking net income was $673 million, a decrease of $306 million, or 31%, compared with prior year.

Net revenue was $2.7 billion, a decrease of $671 million compared with the prior year. Net interest income was $1.2 billion, a decrease of $75 million. Noninterest revenue was $1.5 billion, a decrease of $596 million, driven by lower mortgage fees and related income.

The provision for credit losses was a benefit of $198 million2, compared with a benefit of $192 million in the prior year. The current quarter reflected a $650 million reduction in the allowance for loan losses.

Noninterest expense was $1.8 billion, a decrease of $337 million from the prior year, due to lower servicing expense.

Mortgage Production pretax income was $427 million, a decrease of $317 million from the prior year. Mortgage production-related revenue, excluding repurchase losses, was $1.2 billion, a decrease of $401 million, or 25%, from the prior year. These results reflected lower margins, partially offset by higher volumes. Production expense2 was $710 million, an increase of $137 million from the prior year, primarily reflecting higher volumes. Repurchase losses were $81 million, compared with losses of $302 million in the prior year and a benefit of $53 million in the prior quarter. The current quarter reflected a $100 million reduction in the repurchase liability and lower realized repurchase losses compared with prior year and prior quarter, primarily driven by a decline in outstanding repurchase demands.

Mortgage Servicing pretax loss was $101 million, compared with a pretax loss of $160 million in the prior year. Mortgage servicing revenue, including amortization, was $778 million, a decrease of $22 million, or 3%, from the prior year reflecting lower loan servicing revenue due to lower average third-party mortgage loans serviced. Mortgage servicing rights ("MSR") risk management was a loss of $142 million, compared with MSR risk management income of $191 million in the prior year, largely due to model assumption updates, primarily driven by an improvement in housing price appreciation assumptions. Servicing expense was $737 million, a decrease of $414 million from the prior year, which reflected the impact of approximately $200 million for foreclosure-related matters in the prior year and lower servicing headcount.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)

  • Mortgage Banking return on equity, including Mortgage Production, Servicing and Real Estate Portfolios, was 14% on $19.5 billion of average allocated capital.
  • Mortgage originations were $52.7 billion, up 37% from the prior year and 3% from the prior quarter.
  • Mortgage application volumes were $60.5 billion, up 1% from the prior year and down 8% from the prior quarter.
  • Total third-party mortgage loans serviced were $849.2 billion, down 4% from the prior year and 1% from the prior quarter.

Real Estate Portfolios pretax income was $784 million, compared with $854 million in the prior year. Net revenue was $945 million, a decrease of $136 million, or 13%, from the prior year. The decrease was driven by a decline in net interest income, resulting from lower loan balances due to portfolio runoff.

The provision for credit losses reflected a benefit of $202 million, compared with a benefit of $192 million in the prior year. The current-quarter provision reflected a $650 million reduction in the allowance for loan losses due to lower estimated losses reflecting improved delinquency trends, primarily in the home equity portfolio, including the impact of improved home prices. Net charge-offs totaled $448 million. Home equity net charge-offs were $333 million (2.04% net charge-off rate1), compared with $542 million (2.85% net charge-off rate1) in the prior year. Subprime mortgage net charge-offs were $67 million (3.34% net charge-off rate1), compared with $130 million (5.51% net charge-off rate1). Prime mortgage, including option ARMs, net charge-offs were $44 million (0.43% net charge-off rate1), compared with $131 million (1.21% net charge-off rate1).

Noninterest expense was $363 million, a decrease of $56 million compared with the prior year, primarily driven by lower foreclosed asset expense due to lower foreclosure inventory.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted. Average loans include PCI loans)

  • Average home equity loans were $86.9 billion, down $12.2 billion.
  • Average mortgage loans were $88.3 billion, down $7.2 billion.
  • Allowance for loan losses was $9.9 billion, compared with $13.4 billion.
  • Allowance for loan losses to ending loans retained, excluding PCI loans1, was 3.66%, compared with 6.01%.

Card, Merchant Services & Auto net income was $1.3 billion, an increase of $89 million, or 8%, compared with the prior year, driven by lower noninterest expense.

Net revenue was $4.7 billion, flat compared with the prior year. Net interest income was $3.5 billion, flat compared with the prior year. The impact of lower average credit card loan balances was offset by lower revenue reversals associated with lower net charge-offs in credit card. Noninterest revenue was $1.3 billion, relatively flat compared with the prior year. The impact of higher net interchange and merchant servicing revenue was offset by a gain on an investment security in the prior year.

The provision for credit losses was $686 million, compared with $738 million in the prior year and $1.3 billion in the prior quarter. The current-quarter provision reflected lower net charge-offs and a $500 million reduction in the allowance for loan losses due to lower estimated losses reflecting improved delinquency trends. The prior-year provision included a $750 million reduction in the allowance for loan losses. The Credit Card net charge-off rate1 was 3.55%, down from 4.37% in the prior year and up from 3.50% in the prior quarter; the 30+ day delinquency rate1 was 1.94%, down from 2.55% in the prior year and 2.10% in the prior quarter. The Auto net charge-off rate was 0.32%, up from 0.28% in the prior year and down from 0.36% in the prior quarter.

Noninterest expense was $1.9 billion, a decrease of $86 million, or 4% from the prior year, driven by an expense recorded in the prior year related to a non-core product.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)

  • Return on equity was 33% on $15.5 billion of average allocated capital.
  • Credit Card average loans were $123.6 billion, down 3% from prior year and 1% from the prior quarter.
  • #1 credit card issuer in the U.S. based on outstandings2; #1 Global Visa issuerbased on consumer and business credit card sales volume2.
  • Credit Card sales volume2 was $94.7 billion, up 9% from the prior year and down 7% from the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 2008.2
  • Card Services net revenue as a percentage of average loans was 12.83%, compared with 12.22% in the prior year and 12.82% in the prior quarter.
  • Merchant processing volume was $175.8 billion, up 15% from the prior year and down 2% from the prior quarter; total transactions processed were 8.3 billion, up 22% from the prior year and 1% from the prior quarter.
  • Average auto loans were $50.0 billion, up 5% from the prior year and 2% from the prior quarter.
  • Auto originations were $6.5 billion, up 12% from the prior year and 18% from the prior quarter.

CORPORATE & INVESTMENT BANK (CIB)

 

Results for CIB           4Q12   1Q12
($ millions)     1Q13   4Q12   1Q12   $ O/(U)   O/(U) %   $ O/(U)   O/(U) %
Net Revenue     $10,140   $7,642   $9,338   $2,498   33%   $802   9%
Provision for Credit Losses     11   (445)   (3)   456   NM   14   NM
Noninterest Expense     6,111   4,996   6,211   1,115   22   (100)   (2)
Net Income     $2,610   $2,005   $2,033   $605   30%   $577   28%
     

Discussion of Results:

Net income was $2.6 billion, up 28% compared with the prior year. These results reflected higher net revenue and lower noninterest expense. Net revenue was $10.1 billion, compared with $9.3 billion in the prior year. Net revenue included a $126 million gain from debit valuation adjustments ("DVA") on structured notes and derivative liabilities resulting from the widening of the Firm's credit spreads; the prior year included a loss from DVA of $907 million. Excluding the impact of DVA, net income was $2.5 billion1 and net revenue was $10.0 billion1, both down 2% from the prior year.

Banking revenue was $3.0 billion, compared with $2.6 billion in the prior year. Investment banking fees were $1.4 billion (up 4%), driven by higher debt underwriting fees totaling $905 million (up 11%), partially offset by lower advisory fees of $255 million (down 9%); equity underwriting fees were $273 million, flat compared with the prior year. Treasury Services revenue was $1.0 billion, flat compared with the prior year. Lending revenue was $498 million, compared with $222 million in the prior year, driven by net interest income on retained loans and fees on lending-related commitments, as well as gains on securities received from restructured loans.

Markets & Investor Services revenue was $7.2 billion, up 7% from the prior year. Fixed Income and Equity Markets combined revenue was $6.1 billion, down 5% from the prior year, reflecting solid client revenue, but lower rates product revenue compared with a particularly strong prior year. Securities Services revenue was $974 million, flat from the prior year. Credit Adjustments & Other revenue was $99 million, compared with a loss of $713 million in the prior year; both periods were driven by the impact of DVA.

The provision for credit losses was $11 million, compared with a benefit in the prior year of $3 million. The ratio of the allowance for loan losses to end-of-period loans retained was 1.11%, compared with 1.34% in the prior year. Excluding the impact of the consolidation of Firm-administered multi-seller conduits and trade finance loans, the ratio of the allowance for loan losses to end-of-period loans retained1 was 2.17%, compared with 2.93% in the prior year.

Noninterest expense was $6.1 billion, down 2% from the prior year, driven by lower compensation expense and lower noncompensation expense related to efficiency initiatives, largely offset by higher litigation expense. The compensation ratiofor the current quarter was 34%, excluding the impact of DVA1.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted, and all rankings are according to Dealogic)

  • Ranked #1 in Global Investment Banking Fees for the three months ended March 31, 2013.
  • Ranked #1 in Global Debt, Equity and Equity-related; #1 in Global Long-Term Debt; #1 in Global Syndicated Loans; #1 in Global Announced M&A; and #6 in Global Equity and Equity-related, based on volume, for the three months ended March 31, 2013.
  • Average client deposits and other third-party liabilities were $357.3 billion, flat from the prior year and down 3% from the prior quarter.
  • Assets under custody were $19.3 trillion, up 8% from the prior year and 2% from the prior quarter.
  • International revenue was $4.9 billion, up 8% from the prior year, representing 49% of total revenue (and 49% of total revenue excluding DVA1).
  • Return on equity was 19% on $56.5 billion of average allocated capital (18%excluding DVA1).
  • End-of-period total loans were $117.5 billion, up 3% from the prior year and 2% from the prior quarter. Nonaccrual loans were $444 million, down 50% from the prior year and 28% from the prior quarter.
  • End-of-period trade finance loans were $39.0 billion, up 9% from both the prior year and the prior quarter.

COMMERCIAL BANKING (CB)

 
Results for CB           4Q12   1Q12
($ millions)     1Q13   4Q12   1Q12   $ O/(U)   O/(U) %   $ O/(U)   O/(U) %
Net Revenue     $1,673   $1,745   $1,657   ($72)   (4)%   $16   1%
Provision for Credit Losses     39   (3)   77   42   NM   (38)   (49)
Noninterest Expense     644   599   598   45   8   46   8
Net Income     $596   $692   $591   ($96)   (14)%   $5   1%
     

Discussion of Results:

Net income was $596 million, flat compared with the prior year, reflecting a lower provision for credit losses and an increase in net revenue, predominantly offset by higher noninterest expense.

Net revenue was $1.7 billion, an increase of $16 million, essentially flat compared with the prior year. Net interest income was $1.1 billion, an increase of $38 million, or 3%, driven by growth in loan balances, partially offset by lower purchase discounts recognized on loan repayments and spread compression on loan products. Noninterest revenue was $535 million, down $22 million, or 4%, driven by lower community development investment-related revenue and lower lending-related fees.

Revenue from Middle Market Banking was $753 million, an increase of $22 million, or 3%, from the prior year. Revenue from Corporate Client Banking was $433 million, flat compared with the prior year. Revenue from Commercial Term Lending was $291 million, flat compared with the prior year. Revenue from Real Estate Banking was $112 million, an increase of $7 million, or 7%, from the prior year.

The provision for credit losses was $39 million, compared with $77 million in the prior year. Net recoveries were $7 million (0.02% net recovery rate), compared with net charge-offs of $12 million (0.04% net charge-off rate) in the prior year and net charge-offs of $50 million (0.16% net charge-off rate) in the prior quarter. The allowance for loan losses to period-end loans retained was 2.05%, down from 2.32% in the prior year and 2.06% in the prior quarter. Nonaccrual loans were $669 million, down $335 million, or 33%, from the prior year due to repayments, charge-offs and loan sales, and flat compared with the prior quarter.

Noninterest expense was $644 million, an increase of $46 million, or 8%, from the prior year, reflecting higher headcount-related2 expense and increased operating expense for Commercial Card.

Key Metrics and Business Updates:
(All comparisons refer to the prior-year quarter except as noted)

  • Return on equity was 18% on $13.5 billion of average allocated capital.
  • Overhead ratio was 38%, compared with 36% in the prior year.
  • Gross investment banking revenue (which is shared with the Corporate & Investment Bank) was $341 million, flat compared with the prior year and down 23% compared with the prior quarter.
  • Average loan balances were $129.3 billion2, up 14% compared with the prior year and 3% compared with the prior quarter.
  • End-of-period loan balances were $130.4 billion2, up 13% compared with the prior year and 2% compared with the prior quarter.
  • Average client deposits and other third-party liabilities were $196.0 billion, down 2% compared with the prior year and 2% compared with the prior quarter.

ASSET MANAGEMENT (AM)

 
Results for AM           4Q12   1Q12
($ millions)     1Q13   4Q12   1Q12   $ O/(U)   O/(U) %   $ O/(U)   O/(U) %
Net Revenue     $2,653   $2,753   $2,370   ($100)   (4)%   $283   12%
Provision for Credit Losses     21   19   19   2   11   2   11
Noninterest Expense     1,876   1,943   1,729   (67)   (3)   147   9
Net Income     $487   $483   $386   $4   1%   $101   26%
     

Discussion of Results:

Net income was


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