JP Morgan (JPM) Posts Better-Than-Expected Q1 Results; Investment Bank Stabilizes
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JPMorgan Chase & Co. (NYSE: JPM) posted better-than-expected first-quarter results on Wednesday, pushing shares higher in trade before the opening bell.
The first bank to report results said its first-quarter earnings jumped to $1.28 per share, up from 74 cents per share last year and 12 cents better than the analyst estimate of $1.16 per share.
Revenue for JPMorgan dropped 8 percent to $25.8 billion, topping the market consensus of $25.48 billion.
The company said that its investment banking arm saw a profit drop of 4 percent due to higher noninterest expense, but the unit saw profit increase 58 percent from the prior quarter. JPMorgan's retail financial services segment swung to profit on a revenue drop of 19 percent.
“We believe that a strong regulatory environment is essential, and we are working hard to ensure that we meet all the new rules and requirements, both in letter and spirit," JPMorgan CEO Jamie Dimon said. "While we expect to make numerous changes in our business, we do so with the needs and expectations of our customers foremost in our minds. As we look toward the future, we see incredible opportunities for the company, which our teams around the world are aggressively pursuing.”
Shares of JPMorgan are up 1.29 percent to $47.24 in premarket trade on Wednesday.
The first bank to report results said its first-quarter earnings jumped to $1.28 per share, up from 74 cents per share last year and 12 cents better than the analyst estimate of $1.16 per share.
Revenue for JPMorgan dropped 8 percent to $25.8 billion, topping the market consensus of $25.48 billion.
The company said that its investment banking arm saw a profit drop of 4 percent due to higher noninterest expense, but the unit saw profit increase 58 percent from the prior quarter. JPMorgan's retail financial services segment swung to profit on a revenue drop of 19 percent.
“We believe that a strong regulatory environment is essential, and we are working hard to ensure that we meet all the new rules and requirements, both in letter and spirit," JPMorgan CEO Jamie Dimon said. "While we expect to make numerous changes in our business, we do so with the needs and expectations of our customers foremost in our minds. As we look toward the future, we see incredible opportunities for the company, which our teams around the world are aggressively pursuing.”
Shares of JPMorgan are up 1.29 percent to $47.24 in premarket trade on Wednesday.
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