JPMorgan tops estimates for fourth-quarter revenue, but says mild recession is now 'central case’
Publishing timestamp: 2023-01-13 05:01:01
Summary
JPMorgan Chase reported fourth-quarter profit and revenue that exceeded expectations, with earnings of $3.57 per share and revenue of $35.57 billion. The bank saw a 48% increase in interest income on higher rates and loan growth. The bank also posted a $2.3 billion provision for credit losses in the quarter, which was higher than the estimates. The shares of JPMorgan rose 1.1%. CEO Jamie Dimon said the US economy "currently remains strong" but pointed to risks such as geopolitical tensions, inflation, and quantitative tightening. Analysts expected mixed results from banks due to higher rates and loan losses. JPMorgan gave muted guidance for 2023.
Sentiment: POSITIVE
Tickers: GS, BAC, JPM, C, MS, WFC,
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Source: https://www.cnbc.com/2023/01/13/jpmorgan-chase-jpm-earnings-4q-2022.html