JPMorgan Chase - Card Services 4Q2012 Financial Results

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

• Net income was $840 million, a decrease of $211 million, or 20%, compared with the prior year. The decrease was driven by higher provision for credit losses and higher noninterest expense.

• Net revenue was $4.8 billion, flat compared with the prior year. Net interest income was $3.5 billion, down $45 million, or 1%, from the prior year.

• Credit Card sales volume (excluding commercial cards) was $101.6 billion, up 9% compared with the prior year and 5% 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 $178.6 billion, up 17% from the prior year and 9% from the prior quarter; total transactions processed were 8.2 billion, up 21% from the prior year and 11% from the prior quarter.