JPMorgan exceeded analyst expectations in its quarterly earnings report released Friday morning, as the nation’s biggest bank revealed how it navigated the tumultuous period for the banking sector.
The bank reported record revenue of $38.3 billion, compared to $36.1 billion forecasted by analysts surveyed by FactSet, and net income of $12.6 billion, or $4.10 per share, shattering the consensus estimate of $3.41 per share.
Notably, JPMorgan reported nearly $2.38 trillion in total deposits, down 7% from one year prior and topping analysts’ projections of about $2.35 trillion. Shares of the bank soared upwards of 6% in pre-market trading, set to open at their highest level in more than a month.The final three weeks of 2023’s first quarter were arguably the most eventful stretch for the banking industry since the financial crisis in the late 2000s, highlighted by the failures of American giants Silicon Valley Bank and Signature Bank and the collapse of Swiss bank Credit Suisse.
the “repercussions” of the turmoil will be felt “for years to come.” Also reporting earnings Friday are Citigroup, Wells Fargo, PNC and First Republic. JPMorgan is by far the largest U.S. bank by market capitalization and assets.The second quarter of 2023 will be the true “wild card” for banks as there’s more “meaningful” data on the effects of the banking crisis and elevated interest rates, Deutsche Bank analyst Matt O’Connor wrote in a note to clients earlier this week.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan Sales Hit Record $38.3 Billion—Stock Soars After Earnings Shatter ExpectationsJPMorgan’s billionaire CEO Jamie Dimon has said it’s “absurd” to suggest the mayhem at smaller banks aided his firm even as it posted bumper quarterly earnings.
Read more »
JPMorgan Chase posts record revenue that tops expectations on higher interest ratesThe biggest U.S. bank by assets showed that its core business was thriving as net interest income surged almost 50% from a year ago.
Read more »
JPMorgan Posts Record Revenue In First QuarterBanks are starting to report their first-quarter earnings a month after a crisis rocked the industry. JPMorgan Chase & Co. weathered the upheaval as clients raced to big banks they weren’t afraid would fail. Revenue rose 25% to $38.35 billion, a quarterly record. Wall Street was looking for $36.1
Read more »
JPMorgan Chase posts record revenue on higher interest rates; shares jump 7%The biggest U.S. bank by assets showed that its core business was thriving as net interest income surged almost 50% from a year ago.
Read more »
Austin police looking for driver who hit pedestrian, another car in deadly hit-and-runAustin police are looking for a driver who they say hit and killed a pedestrian on the I-35 service road near 6th Street. Police say the driver also hit another car before fleeing the scene.
Read more »
Temps Could Hit a Record High Thursday as April Continues to Feel Like SummerChicagoans will enjoy another summer-like day, with the temperature predicted to hit what would be a record-setting 83 degrees on Thursday, according to the National Weather Service.
Read more »