JPM - Major US Banks Top Q1 Earnings Estimates As High Interest Rates Offer Tailwinds: 'Indicators Continue To Be Favorable' Jamie Dimon Says | Benzinga

Five prominent U.S. financial institutions unveiled their first-quarter financial performance on Friday, surpassing consensus forecasts for both earnings and revenue, highlighting the favorable climate for banks amid heightened interest rates and a robust economy.

Here’s a summary of the results sourced from the Benzinga Pro platform:

JPMorgan Chase & Co.: Q1 2024 Earnings Highlight

JPMorgan Chase & Co.’s first-quarter 2024 earnings revealed an EPS of $4.44, outpacing estimates of $4.17. Adjusted revenue stood at $42.55 billion, surpassing the estimated $41.64 billion mark.

Despite loans slightly below estimates at $1.31 trillion compared to the expected $1.33 trillion, the bank demonstrated resilience with a provision for credit losses of $1.88 billion, lower than the estimated $2.78 billion.

Total deposits reached $2.43 trillion, exceeding the projected $2.4 trillion, while cash and due from banks were reported at $22.75 billion, below the estimated $28.97 billion.

JPMorgan remains optimistic about its fiscal year net interest income, maintaining an outlook of about $90 billion, slightly below the estimated $90.72 billion.

Equities sales and trading revenue hit $2.69 billion, while FICC sales and trading revenue reached $5.30 billion. Managed ...

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