JPMorgan Chase (JPM) Q1 2024 earnings

  • Earnings: $4.11 per share, according to LSEG
  • he won: $41.85 billion, according to LSEG
  • Net interest income: $23.18 billion, according to StreetAccount
  • Trading revenue: Fixed income of $5.19 billion and stocks worth $2.57 billion, according to StreetAccount

JPMorgan will be closely watched for clues about the banks' performance at the start of the year.

While the largest U.S. bank by assets has weathered the interest rate environment well since the Federal Reserve began raising interest rates two years ago, its smaller peers have seen their profits shrink.

The industry has been forced to pay up on deposits, as customers shift cash into higher-yielding instruments, putting pressure on margins. Concerns are also growing about rising losses on business loans, especially on office buildings and multifamily housing, and rising credit card defaults.

However, large banks are expected to outperform smaller banks this quarter, and expectations for JPMorgan are high. Analysts believe the bank could boost guidance for net interest income for 2024 as the Fed is forced to maintain interest rate levels amid stubborn inflation data.

Analysts will also want to hear what CEO Jamie Dimon has to say about the economy and the industry's efforts to respond to efforts to limit credit card and overdraft fees.

Wall Street may provide some help this quarter, with investment banking fees for the industry up 11% from a year earlier, according to Dealogic.

JPMorgan shares have jumped 15% this year, outpacing the KBW Bank Index's 3.9% gain.

Wells Fargo and Citigroup are scheduled to report their results later on Friday, while Goldman Sachs, Bank of America and Morgan Stanley will report their results next week.

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