""JPMorgan Chase"":http://www.jpmorganchase.com/corporate/Home/home.htm, which surpassed Bank of America as the largest bank in terms of assets in 2011, reported a net income of $5.4 billion, with earnings per share at $1.31. The reported net income and earnings per share for the 2011 first quarter was $5.6 billion and $1.28, respectively.[IMAGE]
The bank saw a significant boost with mortgage production-related revenue, which was reported at $1.6 billion, an increase of $722 million, or 80 percent, from the year before.[COLUMN_BREAK]
At $59.9 billion, mortgage loan application volumes increased 33 percent compared to the prior year, and 14 percent from the previous quarter, mostly due to heavy refinancing activity.
Despite reports of tighter lending standards, mortgage loan originations were up 6 percent to $38.4 billion from the prior year, and relatively flat compared to the previous quarter. Retail channel originations (branch and direct to consumer), at $23.4 billion, saw an 11 percent increase.
Overall, the bank reported 200,000 mortgage originations in the first quarter.
""We are pleased that our results for the quarter reflected positive credit trends for our consumer real estate and credit card portfolios. Estimated losses declined for these portfolios, and we reduced the related loan loss reserves by a total of $1.8 billion in the first quarter,"" said Jamie Dimon, JPMorgan Chase chairman and CEO.
However, Dimon added that they ""expect to see elevated levels of costs and losses associated with mortgage-related issues for a while longer.""
The 2012 first quarter report can be viewed ""online"":http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=663907.