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JPMorgan with strong financial report

The net profit of U.S. financial giant JPMorgan Chase has made a solid growth of 67% annually after the bank reduced its provisioning for potential losses from bad loans. JPMorgan is the first major U.S. banks, which exports its financial statements for the first quarter and improving performance is probably a reflection of a strong period for the entire banking sector. The profit of JPMorgan noted significant growth in recent quarters, mainly due to improved asset quality her This allowed the bank to set aside fewer reserves with which to cover losses from bad loans. The provisions for problem loans fell to 1.17 billion dollars during the first three months of the year compared with 7.01 billion a year ago and 3.04 billion for the previous three months. In the first quarter JPMorgan net profit of 5.56 billion dollars or 1.28 dollars per share, compared with 3.33 billion dollars, or 74 cents a share, a year ago. The revenue fell 8.5 percent compared to first quarter of last year to 25.79 billion dollars. The market expectations were for less profit per share of 1.16 dollars less revenue amounted to 25.27 billion dollars.
The dividend that shareholders of JPMorgan will receive increases to 25 cents a share from 5 cents distributed so far. The Bank also plans to repurchase its shares for $ 8 billion this year as part of its program of buying shares at $ 15 billion.
"The results reflect the company's strong quarter for investment banks and sound presentation of card services, commercial banking services in government securities and equities, and asset management," said CEO James Dimon of Bank.