JPMorgan Chase reports Q1 earnings that beat expectations
JPMorgan Chase, the largest bank in the US, reported strong first-quarter earnings that exceeded analyst expectations.
- JPMorgan Chase posted a profit of $12.6 billion, or $4.10 per share, up from $8.3 billion, or $2.63 per share from the same period a year before, representing a 52% increase.
- Deposits rose to $2.38 trillion during the first quarter from $2.34 trillion in the quarter ended in December.
- CEO Jamie Dimon stated that although the US economy is generally healthy, the storm clouds that they have been monitoring for the past year remain on the horizon.
- There were concerns that banks would tighten lending standards, leading customers to spend less as it becomes more difficult to borrow money for large purchases like homes and cars, but JPMorgan Chase is confident that they can serve the needs of their customers and clients in all environments.
- Shares of JPMorgan Chase climbed 6.1% in pre-market trading.