JPMorgan Chase & Co. (NYSE: JPM) reported its first-quarter financial results before the markets opened on Tuesday. The megabank said that it had $0.78 in earnings per share (EPS) and $29.1 billion in revenue, compared with consensus estimates that called for $1.84 in EPS and revenue of $29.67 billion. The same period of last year reportedly had EPS of $2.65 on $29.67 billion in revenue.
During the most recent quarter, loans increased 6% year over year, or 9% excluding the impact of loan sales in Home Lending. End of period deposits increased 23%.
Book value per share increased 6% year over year to $75.88, while tangible book value increased 5% to $60.71.
In terms of its segments, the bank reported as follows:
- Consumer & Business Banking net revenues decreased 2.4% year over year to $13.17 billion.
- Corporate & Investment Banking net revenues decreased by 0.9% to $9.95 billion.
- Commercial Banking net revenues decreased by 9.7% to $2.18 billion.
- Asset & Wealth Management net revenues increased 3.4% to $3.61 billion.
Jamie Dimon, board chair and chief executive, commented:
The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do – outside of our ordinary course of business – to remain strong, resilient and well-positioned to support all of our stakeholders. In Consumer & Community Banking, we have remained focused on meeting our customers’ needs. Approximately three quarters of our 5,000 branches have been open – all with heightened safety procedures and many with drive-through options – and the vast majority of our over 16,000 ATMs remain open. In March alone, we opened half a million new accounts for our card customers and extended over $6 billion of new and increased credit lines, and we were active in Home Lending and Auto. We lent over $500 million to small businesses in the month and we’re now actively supporting the SBA’s Paycheck Protection Program. For the quarter, we continued to see flows into both client investment assets and deposits
JPMorgan stock traded up 1% to $99.56 Tuesday morning. The 52-week range is $76.91 to $141.10, and the consensus price target is $107.31.
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