Home » JPMorgan: revenues and profits grow in 1Q, outlook on NII disappoints

JPMorgan: revenues and profits grow in 1Q, outlook on NII disappoints

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JPMorgan: revenues and profits grow in 1Q, outlook on NII disappoints

JPMorgan reported earnings above Wall Street expectations in the first quarter of 2024.

The banking giant saw revenue grow 9% year-on-year to $41.9 billion and its net profit 6% to $13.4 billion. EPS came in at $4.44, above estimates.

Nonetheless, CEO Jamie Dimon has sounded the alarm about a worrying global geopolitical scenario.

“We remain vigilant in the face of a number of significant uncertain forces,” Dimon said. “First, the global landscape is disturbing – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing.”

“Second, there appears to be a large number of persistent inflationary pressures, which are likely to continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale.”

JPMorgan fell 2% in pre-market trading following confirmation of its annual net interest income (NII) target, which disappointed analysts.

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