JPMorgan Chase (JPM) has issued first quarter 2024 financial results that beat Wall Street forecasts on the top and bottom lines.
The New York City-based lender reported earnings per share (EPS) $4.44 U.S. compared to $4.11 U.S. that was expected among analysts.
Revenue in the January through March quarter totaled $42.55 billion U.S. compared to $41.85 billion U.S. that was expected on Wall Street. The bank’s sales were up 8% from a year earlier.
JPMorgan, which is the world’s biggest bank with assets under management of more than $4 trillion U.S., posted a $1.88 billion provision for credit losses in Q1.
The latest credit loss provision was well below the $2.7 billion U.S. that analysts anticipated.
The provision was 17% smaller than a year ago, as JPMorgan released some reserves for loan losses rather than building them as it did in the previous year.
Trading revenue at the bank was down 5% from a year earlier. However, fixed income and equities results topped analysts’ expectations by more than $100 million U.S. each, coming in at $5.3 billion U.S. and $2.7 billion U.S., respectively.
JPMorgan’s Q1 results kick-off earnings season for the major U.S. lenders, all of which report financial results over the coming week.
The stock of JPMorgan has gained 52% over the last 12 months and currently trades at $195.43 U.S. per share.
