One of the largest American banks didn’t disappoint with its quarterly figures
JPMorgan Chase benefited from better-than-expected credit losses and loans growth. In Q4 2021, the bank reported earnings per share of $3.33, topping the $3.01 initially forecasted. At the same time, the revenue came in higher than $29.9 billion, expected at $30.35 billion.
At a company level, revenue increased by just 1% in the quarter as a market slowdown was offset by significant investment banking fees. Non-interest expenses shot up 11% to $17.9 billion on increased compensation costs. The figures were slightly higher than the $17.63 billion estimated by analysts.
The bank put aside billions of dollars for loans losses earlier in the pandemic. It benefited as it steadily released the funds as borrowers held up better than forecast.
CEO Jamie Dimon stated: “Credit continues to be healthy with exceptionally low net charge-offs, and we remain optimistic on U.S. economic growth.”
Excluding the 3.3% drop reported in premarket trading following the earnings release, JPMorgan shares have climbed 6.2% since the beginning of the year.
Sources: barrons.com, cnbc.com
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