JPMorgan Chase has reported a net income of $2.14 billion, or $0.40 per diluted share, for the first quarter ended March 31, 2009, compared to $2.37 billion, or $0.67 per diluted share, for the first quarter ended March 31, 2008.
For the first quarter of 2009, on a reported basis, total net revenues increased to $25.02 billion from $16.89 billion for the comparable quarter in 2008.
Total assets at March 31, 2009 were $2.08 trillion, compared to $1.64 trillion as of March 31, 2008. At March 31, 2009, deposits were $906.97 billion, compared to $761.63 billion as of March 31, 2008.
Jamie Dimon, chairman and CEO of JPMorgan Chase, said: The firm earned more than $2 billion this quarter, despite extremely high credit costs of $10 billion, largely in card services and retail financial services.
Importantly, we generated record firm-wide revenue; record revenue and net income in the investment bank; and benefited from underlying growth in retail banking, including increased deposits and checking accounts, higher mortgage refinancing volumes and excellent progress on the Washington Mutual integration. We also continued to see solid volumes and earnings across commercial banking, treasury & securities services and asset management.
