JPMorgan Chase & Co wiped out its stock price losses for the year and advanced as the bank kicked off the first-quarter earnings season with better-than-expected results on Friday. While warning signs of a possible recession on the horizon built during the quarter and a regional banking crisis erupted with the collapse of Silicon Valley Bank and Signature Bank, the U.S.’s largest banks continued to benefit from relatively strong economic conditions.
JPMorgan CEO Jamie Dimon reiterated comments about tougher economic conditions ahead, but said the bank still posted a strong performance for the quarter. “The U.S. economy continues to be on a generally healthy footing—consumers are still spending and have strong balance sheets, and businesses are in good shape,” Dimon said in a prepared statement. “The storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.” JPMorgan stock
jumped 6% after the U.S.’s largest bank said its first-quarter profit rose to $12.62 billion, or $4.10 a share, from $8.28 billion, or $2.63 a share, in the year-ago quarter. Revenue increased to $38.35 billion from $30.72 billion. JPMorgan beat the earnings estimate of $3.41 a share and surpassed the revenue mark of $36.13 billion, according to …
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