- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
