India, April 14 -- US investment bank JPMorgan Chase & Co. (JPM) reported Tuesday that net income for the first quarter grew to $16.49 billion or $5.94 per share from $14.64 billion or $5.07 per share in the prior-year quarter.
The provision for credit losses was $2.51 billion, reflecting a net reserve build of $191 million and net charge-offs of $2.3 billion, compared to last year's $3.31 billion, reflecting a net reserve build of $973 million and net charge-offs of $2.3 billion.
Total net revenue on a reported basis grew 10 percent to $49.84 billion from last year. On a managed basis, net revenue was $50.54 billion, up 10 percent from $46.01 billion in the same quarter last year.
Net interest income grew 9 percent to $25.5 billion from...