FX.co ★ JPMorgan Chase Q1 Results Top Estimates

On Friday, JPMorgan Chase & Co., a leading US investment bank, announced a rise in net income for the first quarter, reaching $13.42 billion, or $4.44 per share. The figure from the corresponding quarter of the previous year was at $12.62 billion or $4.10 per share.

When considering the $0.19 per share increment related to the FDIC special assessment, the net income for the quarter stood at $4.63 per share. Meanwhile, the consensus of 18 analysts surveyed by Thomson Reuters had anticipated the bank to declare earnings of $3.82 per share for the given quarter. However, these estimates normally disregard special items.

The credit loss provision for the quarter was $1.88 billion, a decrease relative to the $2.28 billion provision of the previous year.

JPMorgan reported net revenue of $41.93 billion. On a managed basis, the net revenue was even higher - at $42.55 billion, reflecting a 9% increase from the prior year's $39.34 billion. Compared to Wall Street's revenue forecast of $38.53 billion, the figures presented by the bank for the quarter exceeded expectations.

The company's net interest income amounted to $23.2 billion, marking an 11% increase or a 5% rise after excluding the impact of First Republic. The non-interest revenue stood at $19.3 billion, representing an increase of 5% or 3% without considering the influence of First Republic from the previous year.