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JPMorgan Chase & Co - Stock Quote JPM

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Morningstar's JPMorgan Chase & Co Stock Analysis

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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.

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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