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April 16, 2012

JPMorgan Chase - Card Services 1Q2012 Financial Results

Chase logo 140pxJPMorgan Chase has reported financial results for the first quarter 2012. Highlights include:

  • Net income was $1.2 billion, a decrease of $351 million, or 23%, compared with the prior year. The decrease reflected a higher provision for credit losses, driven by a lower reduction in the allowance for loan losses compared with the prior year.

  • Card Services net revenue as a percentage of average loans was 12.22%, compared with 12.18% in the prior year and 12.26% in the prior quarter.

  • Credit Card sales volume (excluding commercial cards) was $86.9 billion, up 12% compared with the prior year and down 7% compared with the prior quarter; excluding the impact of the Kohl’s portfolio sale, sales volume was up 15% compared with the prior year.

Merchant processing volume was $152.8 billion, up 22% from the prior year and flat compared with the prior quarter; total transactions processed were 6.8 billion, up 21% from the prior year and flat compared with the prior quarter.

Citi Reports 1Q2012 Financial Results

Citi logo 140pxCitigroup has released financial results for the first quarter 2012. In its North American Consumer Banking sector, Citi reported that its Citi-branded cards revenues declined 6% to $2.1 billion versus the prior year period. Citi-branded cards loans also declined 2% from first quarter 2011.

NACHA Reports ACH Purchase Volume of $33.9 Trillion in 2011

NACHA logo 140pxThe ACH Network handled over 20.2 billion transactions in 2011, up 4.35% over 2010, according to new statistics released by NACHA. ACH payment volume was reported as $33.91 trillion.

“These statistics show that more and more consumers and businesses are making the conscious decision to use electronic payment options over paper checks or cash,” said Janet O. Estep, president and CEO of NACHA. “As advancements within the payments industry continue, ACH payments also continue to adapt to meet various needs of both consumers and businesses alike.”

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