Net revenue was $6.3bn, a decrease of $1.5bn, or 19%, compared with the prior year.
Net interest income was $4.6bn, down by $394m, or 8%, reflecting the impact of lower loan balances due to portfolio runoff and narrower loan spreads.
Noninterest revenue was $1.6bn, down by $1.1bn, or 40%, driven by lower mortgage fees and related income.
The provision for credit losses was $1.3bn, a decrease of $2.4bn from the prior year and a decrease of $1.1bn from the prior quarter.
JPMorgan chairman and CEO Jamie Dimon said the firm’s results reflected a strong quarter across the Investment Bank and solid performance from Card Services, Commercial Banking, Treasury & Securities Services, and Asset Management. These results partially benefited from improved credit trends in our credit card and wholesale businesses.
