Payments News from Glenbrook Partners
Glenbrook   Book   Education   Views   Archives   Store   Advertise   About         SUBSCRIBE:

JP Morgan Chase - Card Services 1Q2013 Financial Results

Chase_logo-140px.jpgJP Morgan Chase has reported financial results for the first quarter 2013. For its card services business, Chase reported:

  • Credit card average loans were $123.6 billion, down 3% from prior year and 1% from the prior quarter.
  • Credit card sales volume was $94.7 billion, up 9% from the prior year and down 7% from the prior quarter; Card Services general purpose credit card sales volume growth has outperformed the industry since the first quarter of 2008.
  • Card Services net revenue as a percentage of average loans was 12.83%, compared with 12.22% in the prior year and 12.82% in the prior quarter.
  • Merchant processing volume was $175.8 billion, up 15% from the prior year and down 2% from the prior quarter; total transactions processed were 8.3 billion, up 22% from the prior year and 1% from the prior quarter.

Chase also noted that it is the "#1 credit card issuer in the U.S. based on outstandings" and the "#1 Global Visa issuer based on consumer and business credit card sales volume."

Chase Chairman and CEO Jamie Dimon commented: "We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident. As a result, we reduced the allowance for loan losses in Consumer & Community Banking in the first quarter by a total of $1.2 billion and are likely to see further releases."

Add your comment... (note that all comments are reviewed before they're published)

Feed You can follow this conversation by subscribing to the comment feed for this post.

If you have a TypeKey or TypePad account, please Sign In

Glenbrook Partners

PAYMENTS NEWS IS PRODUCED BY AND IS A SERVICE MARK OF GLENBROOK PARTNERS, LLC
ISSN 1556-4487

Glenbrook's Consulting Services

  • Innovation and Strategy
  • Payments Product Development
  • Payments Market Assessments
  • Payments Vendor Selection
  • Merchant Payments Optimization
  • Payments Risk Management
  •  
  • To discuss how Glenbrook can
    help you
    , email us:

Glenbrook's Payments Education

  • Payments Boot Camps
  • Payments Essentials Webinars
  • Private Payments Workshops
  •  
  •  
  •  
  •  
  • For more information on Glenbrook's payments education, email us:

Tools for Payments Professionals

  • Glenbrook Writings
  • Payments News
  • Payments Views
  • Payments Jobs
  • Payments Education
  • Payments Bookstore
  •  
  • To send us news that you'd like us to cover on Payments News, email us:

Contacts:                        
Compilation Copyright © 2002 - 2014 Glenbrook Partners LLC. All Rights Reserved.
Terms of Use        Privacy Policy        RSS Feed        Payments News RSS Feed

Subscribe to Payments News   

Follow Payments News on Twitter for Real-Time Updates