JPMorgan Chase on Friday posted profit and revenue that topped Wall Street estimates as credit costs and trading revenue came in better than expected.
Here’s what the company reported compared with estimates from analysts surveyed by LSEG, formerly known as Refinitiv:
- Earnings: $4.44 per share, vs. $4.11 expected
- Revenue: $42.55 billion, vs. $41.85 billion expected
The bank said first-quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover of First Republic during the regional banking crisis last year. Per-share earnings would’ve been 19 cents higher excluding a $725 million boost to an FDIC fee covering costs from last year’s bank failures.
Revenue climbed 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.
But in guidance for 2024, the bank said it expected net interest income of around $90 billion, which is essentially unchanged from its previous forecast.
Source: Trade Finance
