Chase Sapphire Reserve earned $6 million for its biggest quarterly loss in history on Thursday, and the bank said it is targeting $20 million to $30 million in additional losses in the next 12 months.

The bank said its average daily net loss for the quarter was $5.1 million. 

Chase said Thursday that it will reduce its dividend to $1.60 per share from $1 per share and will start reducing annual percentage points on earnings. 

In the quarter, the bank reported $566.9 million in net income and $1,088.6 million in free cash flow, according to a release. 

The bank said the net loss from its cash-rich operations was $7.2 billion. 

“We have the ability to generate more than $2 billion in free money each quarter as we continue to build the portfolio of assets that we have at the time of the announcement,” said Chase CEO James Dimon in a statement. 

Dimon also said the bank has a plan to sell off more assets, including some cash-strapped commercial banking and credit card companies, as part of its plans to shore up the bank’s balance sheet. 

Sapphire’s net income in the quarter increased from $4.3 billion in the fourth quarter of last year to $5 billion in Q4 2017. 

However, the cash-flow deficit narrowed to $847 million from $942 million a year ago. 

On Wednesday, the company reported a $2.5 billion quarterly loss. 

 Chandler, which is one of the nation’s top lenders and has been the fastest-growing bank in the U.S., also announced on Thursday that the company will be buying back some of its own assets. 

Its largest acquisition is the $500 million purchase of Equifax, a data security company that was acquired by Experian in 2018. 

More on this story: Chasing Sapphire Preferred loses $6M, says CEOJames Dimon”Chase is proud of the performance and the value of our assets and believes in the power of investing in our future.

We will continue to aggressively explore opportunities to grow our portfolio of financial assets to deliver better value to our shareholders,” the bank added. 

But the bank also said that it has made some changes to its strategy for the next quarter. 

A new focus is to leverage its assets in a manner that enhances shareholder value, the statement said. 

It said it plans to sell assets including commercial lending, credit cards, corporate and credit union business, and its consumer loans portfolio. 

According to the statement, Chase will also be reducing its cash balances by $6 billion in 2018 and $6-7 billion in 2019. 

Investors should be cautious in the stock market as the company’s stock is trading at a premium.