- JPMorgan Chase & Co JPM reported Q1 net revenue (managed) of $39.3 billion, up 25% Y/Y, beating the consensus of $36.2 billion. Reported revenue was $38.35 billion, up 21.4% Y/Y.
- Noninterest revenue stood at $18.5 billion, up 5% Y/Y, on higher CIB Markets noninterest revenue.
- Noninterest expense increased 5% Y/Y to $20.1 billion due to higher structural costs and ongoing investments.
- JPMorgan raised the Q1 provision for credit losses by 56% Y/Y to $2.28 billion.
- Investment banking fees revenue fell 18% Y/Y to $1.65 billion. Card income shot up by 27% Y/Y to $1.23 billion.
- The company recorded a 49% jump in net interest income (NII) to $20.8 billion, led by increasing rates. NII, excluding markets, grew 78% Y/Y.
- EPS of $4.10 beat the consensus of $3.41.
- Assets under management (AUM) stood at $3.0 trillion, up 2% Y/Y, on strong net inflows.
- Outlook: JPMorgan expects FY23 net interest income of approximately $81 billion. It anticipates card services NCO rate of approximately 2.60%.
- “In Consumer & Community Banking, consumer spending remained healthy with combined debit and credit card sales up 10% and card loans up 21%. In the Corporate & Investment Bank, Markets revenue fell 4% versus a very strong prior year, and we focused on supporting clients as they navigated volatile market conditions.”
- “Global Investment Banking fees remained challenged for the industry, although we significantly outperformed the overall wallet. In Commercial Banking, we earned record revenue, with exceptionally strong Payments revenue, up 98%,” stated Jamie Dimon, Chairman and CEO.
- Price Action: JPM shares are trading higher by 5.74% at $136.40 premarket on the last check Friday.
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