New York-based Chase reported a net revenue of $24.8 billion for the first quarter, an increase of $967 million from Q1 2014, driven by strong performance in the corporate and investment bank, both in markets and investment banking. Also, lower gains in private equity partially offset the increase in fee revenue in asset management and mortgage banking Chase received in Q1. Chase's net interest income for Q1 was $11 billion, which was relatively unchanged from Q1 2014.
Net income was up 12 percent year-over-year for Chase in Q1, driven predominantly by higher revenue, according to the bank. Net income increased by $645 million up to $5.9 billion. Chase's earnings per share rate was $1.45 for the first quarter.
“JPMorgan Chase continues to support consumers, businesses and communities and make a significant positive impact," Chase CEO Jamie Dimon said. "We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time. We continue to build the company for the long-term, we are investing in controls, infrastructure, systems, technology, new products and bankers. We will continue to navigate challenges and deliver for our clients, shareholders and communities."
San Francisco-based Wells Fargo saw revenues jump by 3 percent in Q1 up to $21.3 billion, while net income declined slightly year-over-year – from $5.9 billion down to $5.8 billion. According to the bank, higher noninterest income was more than offset by the decline in net interest income, which was primarily a result of two fewer days in the quarter.
Wells Fargo's noninterest income for Q1, $10.3 billion, was an increase of $29 million from the previous quarter. The bank received higher income from trading activities, debt security gains, mortgage origination gains, and insurance, which were offset by lower other income, such as from mortgage servicing (which was $108 million for Q1, compared to $235 million for the previous quarter). The mortgage banking noninterest income for Wells Fargo was $1.5 billion in Q1, which was an increase of $32 million from Q4; residential mortgage originations were $49 billion in Q1, an increase of $5 billion from Q4. The diluted earnings per share rate for Wells in Q1 was $1.04.
"Our solid first quarter results again reflected the benefit of our diversified business model and the continued focus of our 266,000 team members on serving the needs of consumer and business customers," Wells Fargo Chairman and CEO John Stumpf said. "We continued to strengthen our customer relationships in the quarter, as reflected in strong growth in deposits and primary checking customers. In addition, our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates."