Before the US stock market opened on Friday, JPMorgan Chase & Co announced the first quarterly report of 2018.JPMorgan Chase & Co earned $2.37 a share in the first quarter, exceeding market expectations of $2.28, up from $1.65 last year. Total revenue was $28.52 billion, higher than the market estimate of $27.71 billion. The bank continues to grow, in part because of the new tax reform bill.
Photo source: JPMorgan Chase & Co's official website
FICC business (fixed revenue) revenue of US $4.55 billion, exceeding market expectations of US $4.44 billion
Revenue from the stock business was $2.02 billion, higher than the market estimate of $1.76 billion
Investment banking revenue was $1.59 billion, below market estimates of $1.76 billion.
Provision for credit losses was $1.2 billion, down from $1.3 billion in the same period last year.
The reserve stood at $1.165 billion, down from $1.315 billion a year ago.
Costs for the quarter rose 5% to $16.1 billion from $15.3 billion a year earlier. The bank said at the end of February that total costs would rise to $62 billion in 2018 from $58.5 billion in 2017.
Shareholder returns, which measure banks' profitability, reached 15% in the first quarter, compared with 11% a year earlier.
Tangible book value per share rose 4 per cent to $54.05. The capital allocation ratio was 11.8% in the first quarter.
Photo source: JPMorgan Chase & Co's official website
Previously, Bloomberg estimated that JPMorgan Chase & Co Q1 adjusted revenue of $27.71 billion, trading revenue of $6.14 billion, and investment banking revenue of $1.76 billion.
CEO Jamie Dimon (JamieDimon): "the environment is highly competitive and loans are flat this quarter." "
As of press date, JPMorgan rose 1.17% to $114.700.
Photo source: Futu Niuniu
Investors will next follow JPMorgan Chase & Co's earnings conference call held on Friday morning EST to see if Dimon or CFO Marianne Lake will talk about the following topics: ∶The continuing impact of the tax law, prospects for further growth in the future, and revenue from the bank's trading arm. JPMorgan Chase & Co's income from the trading division can predict the overall situation on Wall Street as a whole.(editor\ Zhu Jingjing)