JPMorgan Chase reported Q1/17 net income of $6,448 million, up $928 million or 17% from $5,520 million in the same quarter a year earlier. Earnings per share of $1.65 topped analysts’ estimates of $1.52. Net revenue of $25,585 million was up $1,503 million or 6% from Q1/16.

The following highlights were excerpted from the news release:

• Net revenue of $25,586 million in Q1/17, was up 6% or $1,503 million compared to $24,083 million in Q1/16.
• The Q1/17 provision for credit losses was $1,315 million, down $509 million or 28% from $1,824 million a year earlier. The bank noted wholesale net reserve releases were $93 million in Q1/17 primarily driven by oil and gas.
• Commercial Banking net income of $799 million in Q1/17 was up 61% from $496 million in the same quarter in 2016. The bank noted a Q1/17 provision for loan loss benefit which was driven by releases in the oil and gas portfolio versus $304 million reserve build in the Oil & Gas portfolio a year earlier.

Jamie Dimon, chairman and CEO said, “We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year. We demonstrated the strength of our Corporate and Investment bank platform, growing revenue strongly in Banking and Markets and maintaining leadership positions. Commercial Banking continued its solid performance with record revenue and net income this quarter. Dimon concluded, “U.S. consumers and businesses are healthy overall and with pro-growth initiatives and improving collaboration between governments and business, the U.S. economy can continue to improve. We will be there to do our part, strong and steadfast in good times and bad, and working every day to support our clients and our communities.”