JPMorgan Chase & Co. ( JPM ) shares are trading lower after it reported first-quarter FY24 results.

Net revenue (managed) of $42.5 billion (+8% Y/Y), beating the consensus of $41.8 billion.

Reported revenue was $41.9 billion in the quarter, up 9% Y/Y. Consumer & Community Banking (CCB) revenue increased 7% Y/Y to $17.7 billion, Corporate & Investment Banking was $13.6 billion (flat Y/Y), and Commercial Banking was $4.0 billion (+13% Y/Y). 

Investment Banking fees were up 21% Y/Y, led by higher debt and equity underwriting fees. Asset and Wealth Management revenue was $5.1 billion (+7% Y/Y), and Corporate revenue stood at $2.2 billion in the quarter.

Net interest income increased by 11% Y/Y to $23.2 billion and +5% Y/Y, excluding First Republic. 

Noninterest revenue was $19.3 billion, up 5% Y/Y, or up 3% Y/Y excluding First Republic, driven by higher asset management and Investment Banking fees.

Noninterest expense was $22.8 billion, up 13% Y/Y, or +9% Y/Y, excluding First Republic.

Excluding an item resulted in an increase of $550 million (after tax) to reported net income from $13.4 billion to $14.0 billion and an increase of $0.19 per share to reported EPS from $4.44 to $4.63. EPS was $4.44, beating the consensus of $4.15. 

Average loans were up 16%, or up 3%, excluding First Republic; average deposits were up 2%, or flat excluding First Republic.

In CCB, Debit and credit card sales volume increased by 9% Y/Y, and Active mobile customers were up 7% Y/Y. 

Also Read: JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

JPM’s provision for credit losses was $1.9 billion (-17% Y/Y), including net charge-offs of $2.0 billion and a net reserve release of $72 million. 

In AWM, Assets under management (AUM) stood at $3.6 trillion (+19% Y/Y), and client assets stood at $5.2 trillion (+20% Y/Y), driven by higher market levels and continued net inflows.

CET1 capital ratio stood at 15.0%, and the advanced CET1 capital ratio was 15.3%, with a total loss-absorbing capacity of $520 billion.

Outlook FY24: JPMorgan ( JPM ) now expects net interest income, excluding Markets, of ~$89 billion (vs. $88 billion earlier).

The bank anticipates card services NCO rate of