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JPMorgan Chase & Co. (NYSE:JPM) reported better-than-expected first-quarter earnings on Friday..
Net revenue (managed) of $42.5 billion (+8% Y/Y), beating the consensus of $41.8 billion. Excluding an item resulted in an increase of $550 million (after tax) to reported net income from $13.4 billion to $14.0 billion and an increase of $0.19 per share to reported EPS from $4.44 to $4.63. EPS was $4.44, beating the consensus of $4.15, according to data from Benzinga Pro.
Average loans were up 16%, or up 3%, excluding First Republic; average deposits were up 2%, or flat excluding First Republic.
Investment Banking fees were up 21% Y/Y, led by higher debt and equity underwriting fees. Asset and Wealth Management revenue was $5.1 billion (+7% Y/Y), and Corporate revenue stood at $2.2 billion in the quarter.
Jamie Dimon, Chairman and CEO, said, “Many economic indicators continue to be favorable.However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue.”
JPMorgan Chase shares fell 6.5% to close at $182.79 on Friday.
These analysts made changes to their price targets on JPMorgan following earnings announcement.
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Posted In: JPM
