Chase the Money

Chase the Money

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  • JPMorgan Chase posted a record Q1 revenue that surpassed analysts' expectations, with a 52% increase in profit to $12.62 billion. The bank's net interest income rose almost 50% due to higher interest rates. The reported figure includes $868 million in securities losses, but excluding them, the adjusted profit per share was $4.32.
  • The company's revenue rose by 25%, reaching $39.34 billion, with net interest income increasing by 49% to $20.8 billion, surpassing analysts' predictions by over $1 billion. The bank has increased its net interest income guidance to around $81 billion, $7 billion more than their previous forecast, due to expectations of lower payments to depositors if the Federal Reserve cuts rates.

Why it matters

JPMorgan, which has the largest assets among all US banks, is under scrutiny for insights into the industry's performance following the recent failures of two regional banks. Experts predicted that JPMorgan would receive more deposits after Silicon Valley Bank and Signature Bank faced bank runs. JPMorgan played a significant role in supporting its client bank, First Republic, which was on the brink of collapse last month. The bank led efforts to infuse it with $30 billion in deposits, contributing to its stability.


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