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JPMorgan Chase & Co - Stock Quote JPM

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Higher Expenses, Investment Banking Fee Decline Bite JPMorgan's Q1 Earnings, but NII Outlook Strong

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Wide-moat-rated JPMorgan reported first-quarter earnings per share of $2.63, missing the $2.72 FactSet consensus but roughly in line with our $2.60 estimate. Revenue on a reported basis was $30.7 billion compared with our estimate of $31.2 billion, as fees came in a bit below what we had projected. While the bottom-line numbers sound dramatic, with net income down 42%, remember that we are going from an unusual period of recording provisioning benefits (a $4 billion benefit in the first quarter of last year) to a more normal period of recording provisioning as a cost ($1.5 billion in the current quarter). Preprovision net revenue was down only 15% year over year, and the bank still managed a return on tangible equity of 16%.

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JPMorgan Chase & Co's Company Profile

Business Description

JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with nearly $4 trillion in assets. It is organized into four major segments--consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. JPMorgan operates, and is subject to regulation, in multiple countries.

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383 Madison Avenue
New York, NY, 10179
T +1 212 270-6000
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 273,948

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