JPMorgan Chase - Card Services 3Q2012 Financial Results

JPMorgan Chase has reported financial results for the third quarter 2012. Highlights for Card Services include:

• Net income was $954 million, an increase of $105 million, or 12%, compared with the prior year. The increase was driven by lower noninterest expense and lower provision for credit losses, partially offset by lower net revenue.

• Net revenue was $4.7 billion, a decrease of $52 million, or 1%, from the prior year. Net interest income was $3.4 billion, down $78 million, or 2%, from the prior year.

• Credit Card sales volume (excluding commercial cards) was $96.6 billion, up 11% compared with the prior year and 1% compared with the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 2008

Merchant processing volume was $163.6 billion, up 18% from the prior year and 2% from the prior quarter; total transactions processed were 7.4 billion, up 21% from the prior year and 4% from the prior quarter.