JPMorgan reported Q1/16 net income of $5.5 billion, down 7% from Q1/15 on revenue of $24.1 billion, which was down 3% from $24.8 billion a year earlier. Earnings per share of $1.35 exceeded analysts’ expectations of $1.26.

The following highlights were excerpted from the news release:

• The provision for credit losses of $1,824 million was up 90% from $959 million in the prior year quarter, predominantly due to reserve increases in the current quarter versus reserve releases in Q1/15.
• The reserve increases reflected an increase in wholesale reserves of $713 million, primarily driven by downgrades, including $529 million in Oil and Gas and Natural Gas Pipelines, and $162 million in Metals and Mining.

“We delivered solid results this quarter with strong underlying drivers.” said Jamie Dimon, chairman and CEO. “While challenging markets impacted the industry, we maintained our leadership positions and market share in the Corporate and Investment Bank and Asset Management, reflecting the strength of our platform. Even in a challenging environment, clients continue to turn to us in the global markets and we saw positive long-term asset flows in Asset Management.”