JP Morgan Chase (JPM) reported its first quarter earnings on Friday. Despite the recent upheaval in the banking sector last month, banks have started reporting their first quarter results. Leading U.S. bank JP Morgan Chase & Co. exceeded expectations set by Wall Street and has reported an increase in both revenue and earnings in the first quarter. Shares of the bank in midday trading rose by 7.5 percent after the release of the report.
According to Refinitiv, Wall Street analysts predicted a revenue of $36.19 billion. The bank reported a higher revenue of $39.34 billion.
Analysts estimated a profit of $3.41 per share. JP Morgan Chase reported a rise and the reported profit for the quarter was $12.62 billion which is $4.10 per share.
After the collapse of mid-sized banks last month, many depositors moved their cash assets to big banks including JP Morgan. Deposits from businesses and people increased by $37 billion in December to $2.38 trillion, as per the first quarter report. Analysts from Street Account had estimated deposits at $2.31 trillion.
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JP Morgan Chase also reported a record in net interest income for the second quarter in a row. It increased to $20.8 billion. Net interest is the difference in income earned by the bank that it earns by lending and the interest it gives to depositors for parking their money in the bank.
According to its chief financial officer, Jeremy Barnum JP Morgan Chase is expecting a net income increase of approximately $81 billion in 2023. The bank’s previous forecast was roughly $74 billion.
According to reports, JP Morgan Chase also said that the bank realized a 35 percent increase in consumer banking revenue, while its commercial bank saw an increase in revenue of 46 percent and an increase in profit of 58 percent.
Wells Fargo and Citigroup also released their quarterly reports on Friday and performed better than estimates by Wall Street analysts. On Tuesday, Bank of America and Goldman Sachs will release their reports while Morgan Stanley will release its report on Wednesday.
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