JPMorgan Chase Q1 profits jump
By Michele Maatouk
Date: Friday 12 Apr 2024
(Sharecast News) - JPMorgan Chase reported a 6% jump in first-quarter profit on Friday as net interest income rose.
Net income rose to $13.4bn from $12.6bn in the same period a year earlier.
Net revenues were up 9% to $41.9bn and net interest income rose 11% to $23.2bn. Net interest income is the difference between what the bank pays on deposits and what it earns from loans and other assets.
Chairman and chief executive Jamie Dimon said: "Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces.
"First, the global landscape is unsettling - terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients.
"We continue to be a pillar of strength for our clients, communities and markets across the world - while also delivering for shareholders. This quarter, we grew customers, continued to position the Firm for the future, maintained our fortress principles, raised the dividend and played a critical role in driving economic growth by extending credit and raising capital totaling more than $655 billion."
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