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JPMorgan Chase reported better than expected results for the fiscal first quarter on Friday as big banks began the new earnings season.
The banking giant posted earnings per share (EPS), which was $5.07, on revenue of $45 billion. This is up from $4.44 billion and $41.93billion, respectively, in the previous year. Visible Alpha estimates had analysts expecting $4.64 billion and $43.55billion. It generated net interest income (NII) of $23.4 billion, above the consensus of $23.00 billion.
JPMorgan shares were up 3.5% shortly after the opening bell on Friday. They started the day down about 5% for the year, but up 16% over the past 12 months.
"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars,' ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," JPMorgan CEO Jamie Dimon said. "As always, we hope for the best but prepare the Firm for a wide range of scenarios."
Dimon wrote that in his letter to shareholders, Dimon expects that the tariffs imposed by the Trump administration “will slow growth.”
Analysts had stated in the lead up to earnings season, that while tariffs might not directly impact banks themselves, it is likely that they will have a negative effect on their customers. Wells Fargo and Morgan Stanley will also report on Friday, while other banks like Bank of America and Citigroup are scheduled to report next week.
UPDATE—This article has been updated with the latest share price information.
