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JPMorgan Chase & Co. reported its latest financial results for Q1 before the opening bell on Wall Street on Wednesday.
World’s largest bank reported revenue of $30.717 billion in the quarter, narrowly beating analyst estimate of $30.59 billion.
Earnings per share fell short of Wall Street expectations at $2.63 per share vs. $2.72 per share expected.
CEO of JPMorgan, Jamie Dimon commented on the latest results: ”JPMorgan Chase generated a healthy $30 billion of revenue, $8.3 billion of earnings and an ROTCE of 16% in the first quarter after adding $902 million in credit reserves largely due to higher probabilities of downside risks. Lending strength continued with average firmwide loans up 5% while credit losses are still at historically low levels. We remain optimistic on the economy, at least for the short term – consumer and business balance sheets as well as consumer spending remain at healthy levels – but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.”
”Our focus this quarter remained on helping our clients navigate difficult markets and unpredictable events, which included working with governments to implement economic sanctions of unprecedented complexity. While our company will continue to deal with this global turmoil, our hearts go out to the extreme suffering of the Ukrainian people and to all of those affected by the war,” Dimon added.
JPMorgan Chase & Co. chart
Shares of JPMorgan were down by around 3% during the trading day on Wednesday at $127.06 a share.
Here is how the stock has performed in the past year:
JPMorgan Chase & Co. is the 18th largest company in the world with a market cap of $374.17 billion.
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Sources: JPMorgan Chase & Co., TradingView, CompaniesMarketCap, MetaTrader 5
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