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JPMorgan realizes its profits
Ken Leon, director of equity research at CFRA, discusses JPMorgan's first quarter results and economic outlook.
JPMorgan Chase on Friday announced a record profit in the first quarter, supported by rising interest rates and gains from the bank's underwriting business.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| JPM | JP MORGAN CHASE & CO. | 106.23 | 0.89 | + 0.84% |
The largest bank in the United States said in its statement that earnings rose 5% to $ 9.18 billion, or $ 2.65 per share, in the first quarter, exceeding analysts' expectations of 2.35 dollars per share. This represents an increase of $ 8.71 billion, or $ 2.37 per share, over the same period last year.
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"We have recorded a record turnover and record net profit, a solid performance in each of our core businesses and a more constructive environment," said CEO Jamie Dimon in a statement. "Despite global geopolitical uncertainty, the US economy continues to grow, employment and wages are rising, inflation is moderate, financial markets are healthy and consumer and business confidence stay strong."
JPMorgan is the first major lender to publish its quarterly results. Wells Fargo, the fourth largest bank in the US in terms of assets, will release its results later on Friday.
Net interest income rose 8% to $ 14.60 billion, mainly due to higher Federal Reserve rates. Non-net interest remained relatively stable, up 1%.
The US central bank raised the interbank lending rate for the fourth time at its December meeting. The fact that JPMorgan benefits from this could allay some concerns about the sector after policy makers approved a largely patient approach to monetary policy over the next year.
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