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JPMorgan Chase: Q1 net income slumps 42%

( - JPMorgan Chase has reported a 42% drop in net income to 8.
28 billion dollars for the first three months of 2022, i.e. 2.63 dollars per share, which is mainly due to provisions for credit losses related mainly to high inflation and the war in Ukraine.

The bank's revenues fell by 5% to 31.6 billion dollars, with a 7% growth in net interest income on the back of higher rates more than offset by a 12% contraction in other revenues.

In addition, JPMorgan's board of directors authorised a new 30 billion dollar share buyback program, which is set to begin on 1 May.

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