JPMorgan Chase
Q1 2022 Earnings Call
Apr 13, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen. Welcome to JPMorgan Chase's first quarter 2022 earnings call. [Operator instructions] At this time, I would like to turn the call over to JPMorgan Chase's chairman and CEO, Jamie Dimon; and chief financial officer, Jeremy Barnum. Mr.
Barnum, please go ahead.
Jeremy Barnum -- Chief Financial Officer
Thanks, operator. Good morning, everyone. The presentation is available on our website, and please refer to the disclaimer in the back. Starting on Page 1, the firm reported net income of $8.3 billion, EPS of $2.63, and revenue of $31.6 billion, and delivered an ROTCE of 16%.
These results include approximately $900 million of credit reserve builds, which I'll cover in more detail shortly, as well as $500 million of losses in credit adjustments and other in CIB. Regarding loan growth, we're continuing to see positive trends with loans up 8% year on year and 1% quarter on quarter ex PPP, with the sequential growth driven by a continued pickup in demand in our wholesale businesses, including ongoing strength. On Page 2, we have some more detail on our results. Revenue of 31.6 billion was down 1.5 billion, or 5% year on year.
NII ex markets was up 1 billion, or 9%, on balance sheet growth and higher rates, partially offset by lower NII from PPP loans. NIR ex markets was down 2.2 billion, or 17%, predominantly driven by lower IB fees, lower home lending production revenue, losses in credit adjustments and other in CIB, as well as investment securities losses in corporate. And markets revenue was down 300 million, or 3%, against a record first quarter last year. Expenses of 19.2 billion were up approximately $500 million, or 2%, predominantly on higher investments and structural expenses, largely offset by lower volume and revenue-related expenses.
Credit costs were 1.5 billion for the quarter. We've built 902 million in reserves, driven by increasing the probability of downside risks due to high inflation and the war in Ukraine, as well as builds for Russia-associated exposures, and CIB in AWM. Net charge-offs of 582 million were down year on year and comparable to last quarter and remained historically low across our portfolios. On the balance sheet and capital on Page 3, our CET1 ratio ended at 11.9%, down 120 basis points from the prior quarter.