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JP Morgan Q1 Profits Drops CEO Jamie Dimon Raises Concerns – $JPM $DIA

By John F. Heerdink, Jr.

JPMorgan Chase & Co’s (JPM) first-quarter earnings report disappointing figures amid concerns over U.S. bank ties to Russia and worries of an economic slowdown. The bank reported adjusted revenue of $31.59 billion versus the $31.44 billion expected. Adjusted Earnings per share of $2.63 were reported below the $2.72 expected.

The bank recorded lower-than-expected net income for the first quarter of $8.3 billion, or $2.63 per share, down 42% from the same period in 2021 when the bank posted a profit of $14.3 billion, or $4.50 per share. Investment banking also came in short of analyst estimates at $2.1 billion versus $2.25 billion expected, as geopolitical tensions in Eastern Europe stalled deal activity in the first quarter. The banking giant reportedly added $902 million in credit reserves for potential loan losses, warning of “higher probabilities of downside risks.”

“We remain optimistic on the economy, at least for the short term but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine,” stated CEO Jamie Dimon.
 
Net interest income during the first quarter was $14.0 billion, up 7%, the bank reported, citing balance sheet growth and higher rates.
 


JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.


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(Read Original Story: JPMorgan profit falls in Q1 on lower trading revenue, slowdown in deal activity in Yahoo Finance)


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