Jpmorgan Chase Earnings Beat Forecasts On Top And Bottom Lines
Date
4/12/2024 10:10:55 AM
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JPMorgan Chase earnings Beat Forecasts On Top And Bottom Lines
JPMorgan Chase (JPM) has issued first quarter 2024 financial results that beat Wall Street forecasts on the top and bottom lines.
The New York City-based lender reported earnings per share (EPS) $4.44 U.S. compared to $4.11 U.S. that was expected among analysts.
Revenue in the January through March quarter totaled $42.55 billion U.S. compared to $41.85 billion U.S. that was expected on Wall Street. The bank's sales were up 8% from a year earlier.
JPMorgan, which is the world's biggest bank with assets under management of more than $4 trillion U.S., posted a $1.88 billion provision for credit losses in Q1.
The latest credit loss provision was well below the $2.7 billion U.S. that analysts anticipated.
The provision was 17% smaller than a year ago, as JPMorgan released some reserves for loan losses rather than building them as it did in the previous year.
Trading revenue at the bank was down 5% from a year earlier. However, fixed income and equities results topped analysts' expectations by more than $100 million U.S. each, coming in at $5.3 billion U.S. and $2.7 billion U.S., respectively.
JPMorgan's Q1 results kick-off earnings season for the major U.S. lenders, all of which report financial results over the coming week.
The stock of JPMorgan has gained 52% over the last 12 months and currently trades at $195.43 U.S. per share.
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