Major US Banks Top Q1 Earnings Estimates As High Interest Rates Offer Tailwinds: ‘Indicators Continue To Be Favorable,’ Jamie Dimon Says
Five prominent U.S. financial institutions unveiled their first-quarter financial performance on Friday, surpassing consensus forecasts for both earnings and revenue, highlighting the favorable climate for banks amid heightened interest rates and a robust economy.
Here’s a summary of the results sourced from the Benzinga Pro platform:
| Bank | Q1 2024 EPS | EPS Surprise | Q1 2024 Revenue | Revenue Surprise |
|---|---|---|---|---|
| JPMorgan Chase & Co. (NYSE:JPM) | 4.44 | 6.99% | $42.548B | 1.7% |
| Wells Fargo & Co | 1.20 | 10.09% | $20.863B | $3.27% |
| BlackRock Inc. | 9.81 | 5.26% | $4.728B | 1.12% |
| Citigroup Inc. | 1.58 | 31.7% | $21.104B | 3.49% |
JPMorgan Chase & Co.: Q1 2024 Earnings Highlight
JPMorgan Chase & Co.’s first-quarter 2024 earnings revealed an EPS of $4.44, outpacing estimates of $4.17. Adjusted revenue stood at $42.55 billion, surpassing the estimated $41.64 billion mark.
Despite loans slightly below estimates at $1.31 trillion compared to the expected $1.33 trillion, the bank demonstrated resilience with a provision for credit losses of $1.88 billion, lower than the estimated $2.78 billion.
Total deposits reached $2.43 trillion, exceeding the projected $2.4 trillion, while cash and due from banks were reported at $22.75 billion, below the estimated $28.97 billion.
JPMorgan remains optimistic about its fiscal year net interest income, maintaining an outlook of about $90 billion, slightly below the estimated $90.72 billion.
Equities sales and trading revenue hit $2.69 billion, while FICC sales and trading revenue reached $5.30 billion. …
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