JPMorgan Chase (NYSE: JPM) kicked off the first quarter earnings season today. The banking giant reported net income of $2.86Bil or $0.78 per share. Consumer & Community Banking (CCB) net income was down 95% to $191 million. Due to COVID-19 impact and continued pressure on oil prices, JPM’s provision for credit losses increased $6.8 billion to $8.3 billion. JPM shares gained over 3% immediately following the announcement.
Jamie Dimon, Chairman and CEO commented on the Q1 2020 results:
My heart goes out to the communities and individuals, including healthcare workers and first responders, most deeply hit by the COVID-19 crisis. Throughout our history, JPMorgan Chase has built its reputation on being there for clients, customers and communities in the most critical times. This unprecedented environment is no different. We will do everything in our power to help the world recover from this global crisis. The company entered this crisis in a position of strength, and we remain well capitalized and highly liquid – with a CET1 ratio of 11.5% and total liquidity resources of over $1 trillion.