JP 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."