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JPMorgan profit misses analyst estimates as Jamie Dimon warns economic forces 'shift under the surface'
Yahoo Finance • • business
Key Points:
- JPMorgan Chase reported a 6% increase in quarterly profits to $15.3 billion, or $5.57 per share, with net revenue rising 8% to $50.2 billion year-over-year, though earnings per share missed analyst expectations of $5.90.
- The bank incurred $658 million in securities losses due to a worsening bond market, but excluding these losses, earnings per share were $5.75.
- CEO Jamie Dimon highlighted ongoing economic challenges including fiscal deficits, inflation, asset prices, interest rates, and geopolitical risks, while noting the US economy remains supported by strong business investment and consumer spending.
- Trading revenue and dealmaking fees grew compared to last year but declined from the previous quarter, while core lending revenue and net interest income rose 13% to $27 billion; JPMorgan also raised its full-year net interest income guidance.
- Consumer resilience was evident as JPMorgan’s average credit card loans increased 7% year-over-year with improved credit quality, a trend also seen at Wells Fargo and Citigroup.
