JP Morgan Chase saw profits plunge in the first quarter of 2020, and reported net income of US$2.865 billion compared with $9.179 billion in the corresponding period in 2019.

Its provision for credit losses was $8.285 billion, up $6.858 billion from the previous year driven by reserve builds which reflect deterioration in the macro-economic environment as a result of the economic impact of COVID-19 and continued pressure on oil prices.

Securities services revenue was $1.1 billion, up 6 percent, predominantly driven by balance and fee growth partially offset by deposit margin compression. Credit adjustments & other was a loss of $951 million predominantly driven by funding spread widening on derivatives.

Jamie Dimon, Chairman and CEO, commented: "My heart goes out to the communities and individuals, including healthcare workers and first responders, most deeply hit by the COVID-19 crisis.

"Throughout our history, JPMorgan Chase has built its reputation on being there for clients, customers and communities in the most critical times. This unprecedented environment is no different. We will do everything in our power to help the world recover from this global crisis."

Dimon added: "The company entered this crisis in a position of strength, and we remain well capitalized and highly liquid - with a CET1 ratio of 11.5 percent and total liquidity resources of over $1 trillion.

"And JPMorgan Chase performed well in what was a very tough and unique operating environment - growing deposits in every line of business and providing loans as we extended credit and served as a port in the storm for our clients and customers.

"In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8 billion, resulting in total credit costs of $8.3 billion for the quarter."

"The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do - outside of our ordinary course of business - to remain strong, resilient and well-positioned to support all of our stakeholders.

"In consumer & community banking, we have remained focused on meeting our customers' needs. Approximately three quarters of our 5,000 branches have been open - all with heightened safety procedures and many with drive-through options - and the vast majority of our over 16,000 ATMs remain open.

Dimon continued: "We continued to support our wholesale clients throughout this challenging period, as they drew over $50 billion on their existing lines. We also provided over $25 billion of new credit extensions in March for companies most impacted by the crisis and helped our clients execute record investment grade bond issuances this quarter.

"In commercial banking, we partnered closely with clients on their liquidity needs, increasing loans $25 billion and deposits $40 billion in the quarter.

"The corporate & investment bank turned in another solid quarter with record markets revenue, as we helped clients navigate extremely tough and volatile market conditions, and we maintained our number one rank in global investment banking fees as clients turned to us for financing and advice.

"And in asset & wealth management, we saw strong growth in both loans and deposits, we took in $75 billion in liquidity flows, and more importantly we proactively reached out and helped clients manage their risk."

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JP Morgan Chase saw profits plunge in the first quarter of 2020, and reported net income of US$2.865 billion compared with $9.179 billion in the corresponding period in 2019.

Its provision for credit losses was $8.285 billion, up $6.858 billion from the previous year driven by reserve builds which reflect deterioration in the macro-economic environment as a result of the economic impact of COVID-19 and continued pressure on oil prices.

Securities services revenue was $1.1 billion, up 6 percent, predominantly driven by balance and fee growth partially offset by deposit margin compression. Credit adjustments & other was a loss of $951 million predominantly driven by funding spread widening on derivatives.

Jamie Dimon, Chairman and CEO, commented: "My heart goes out to the communities and individuals, including healthcare workers and first responders, most deeply hit by the COVID-19 crisis.

"Throughout our history, JPMorgan Chase has built its reputation on being there for clients, customers and communities in the most critical times. This unprecedented environment is no different. We will do everything in our power to help the world recover from this global crisis."

Dimon added: "The company entered this crisis in a position of strength, and we remain well capitalized and highly liquid - with a CET1 ratio of 11.5 percent and total liquidity resources of over $1 trillion.

"And JPMorgan Chase performed well in what was a very tough and unique operating environment - growing deposits in every line of business and providing loans as we extended credit and served as a port in the storm for our clients and customers.

"In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8 billion, resulting in total credit costs of $8.3 billion for the quarter."

"The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do - outside of our ordinary course of business - to remain strong, resilient and well-positioned to support all of our stakeholders.

"In consumer & community banking, we have remained focused on meeting our customers' needs. Approximately three quarters of our 5,000 branches have been open - all with heightened safety procedures and many with drive-through options - and the vast majority of our over 16,000 ATMs remain open.

Dimon continued: "We continued to support our wholesale clients throughout this challenging period, as they drew over $50 billion on their existing lines. We also provided over $25 billion of new credit extensions in March for companies most impacted by the crisis and helped our clients execute record investment grade bond issuances this quarter.

"In commercial banking, we partnered closely with clients on their liquidity needs, increasing loans $25 billion and deposits $40 billion in the quarter.

"The corporate & investment bank turned in another solid quarter with record markets revenue, as we helped clients navigate extremely tough and volatile market conditions, and we maintained our number one rank in global investment banking fees as clients turned to us for financing and advice.

"And in asset & wealth management, we saw strong growth in both loans and deposits, we took in $75 billion in liquidity flows, and more importantly we proactively reached out and helped clients manage their risk."