JPMorgan reports Q1 net income of $2.9 billion, $0.78 EPS

JPMorgan Chase & Co reported on Tuesday that the net income in the first quarter was $2.9 billion, or $0.78 per share. Further details of the report revealed that the quarterly revenue came in at $28.3 billion and the managed revenue was $29.1 billion. 

Jamie Dimon, chief executive officer of JPMorgan Chase & Co, said the bank was well-capitalized and highly-liquid. Dimon further noted that the equity markets revenue increased by 28% to $2.2 billion driven by higher revenue in derivatives. 

"The bank provided over $25 billion new credit extensions in March for companies most impacted by the crisis," Dimon explained. "The likelihood of a fairly severe recession made it necessary to build credit reserves of $6.8 billion, resulting in total credit costs of $8.3 billion for the quarter."

Market reaction

JPMorgan Chase & Co shares were last up about 0.8% in premarket trading. If these figures help the financial shares perform well on Tuesday, the financial-heavy Dow Jones Industrial Average could open the day decisively higher.