JPMorgan Chase & Co. (NYSE: JPM)
JPMorgan Chase shares dropped slightly to trade at $112.29 on Friday morning after registering lower investment revenue that failed to meet the projections of Wall Street. Despite the low investment revenue, the company overall registered positive first quarter results.
The company announced that its profit and revenue had increased by 35% and 10% respectively. The positive earnings may be attributed to the lower tax bill that was recently signed by President Trump in December, as well as higher interest rates.
JPM Earnings & Outlook
JP Morgan posted earnings per share of $2.37 which beat the consensus analyst estimate of $2.28. Total revenue stood at $28.52 billion topping finishing above analyst expectation of $27.73 billion. The lender first quarter results for fiscal 2018 improved from the last quarter of 2017.
During the Q4 of fiscal 2017, JP Morgan reported earnings per share of $1.65 and a revenue of $25.85 billion. However, its revenues in the investment banking segment stood at $1.6 billion, translating to a drop of 7% in the previous year. The fixed income trading sales remained the same finishing below analyst projection of $4.34 billion worth of revenue from trading revenues, fixed income, currencies and commodities.
JP Morgan’s CEO Comments
Jamie Dimon, the Chief Executive Officer of JP Morgan made the following comment: “2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year. The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth.” Dimon added, “We are committed to doing our part – and this company can be an engine that helps drive inclusive economic growth for all Americans, including our $20bn long-term investment in our employees and communities, and we’re working to tackle broader issues, like healthcare, that can help the whole country.”
JP Morgan Company profile
JPMorgan Chase & Co. is a financial holding company, based in New York that offers investment and financial banking services. The company provides diverse banking services and products in all capital markets through various segments.
The various segments include commercial banking, consumer and community banking, asset and wealth management and corporate and Investment bank. The services provided includes advising on corporate structure and strategy, advanced risk management, raising capital in equity and debt markets, market- making and prime brokerage and research. –Reuters