JPMorgan Chase - Card Services 2Q2011 Financial Results

JPMorgan Chase has reported financial results for the second quarter 2011.

• For its Card Services unit, Chase report net income of $911 million, compared with $343 million in the prior year. The improved results were driven by a lower provision for credit losses, partially offset by lower net revenue.
• Excluding the Washington Mutual and Commercial Card portfolios, the net charge-off rate was 5.28%, down from 9.02% in the prior year and 6.20% in the prior quarter; and the 30+ day delinquency rate was 2.73%, down from 4.48% in the prior year and 3.25% in the prior quarter.
• Excluding the Washington Mutual and Commercial Card portfolios, sales volume was $83.1 billion, up 10% compared with the prior year and 11% compared with the prior quarter

Chase Paymentech merchant processing volume was $137.3 billion, up 17%, on 5.9 billion transactions processed.