JPMorgan Chase & Co., the largest bank in the United States in terms of assets, on Tuesday reported a growth of 12 per cent in its net income at USD 5.9 billion, or earnings per share of USD 1.45, compared to net income of USD 5.3 billion, or EPS of USD 1.28, during the same period a year ago, driven by higher revenue.
During the quarter under review, the bank's revenue rose 4 per cent year-on-year to USD 24.8 billion from USD 23.8 billion in the corresponding period last year, helped by strong performance in the corporate & investment bank, both in markets and investment banking.
Net interest income was USD 11.0 billion, relatively flat compared with the prior year, while noninterest expenses was USD 14.9 billion, up USD 247 million compared with the prior year, driven by higher Firmwide legal expense.
In another development, the bank also declared preferred stock dividend on the outstanding shares with the dividend payment date is Monday, June 1, 2015. The board intends to increase the quarterly common stock dividend in the second quarter of 2015 from the current USD 0.40 per share to USD 0.44 per share.