JPMorgan Chase Posts Record Revenue

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published April 14, 2023
JPMorgan Chase & Co.

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Key Takeaways

  • JPMorgan Chase (JPM) posted record revenue in the first quarter of 2023, sending its shares soaring on Friday.
  • The largest bank in the U.S. by assets reported a net income of $12.62 billion in the first quarter, compared with $8.28 billion a year ago.
  • Shares of JPMorgan gained more than 7% on the news in early trading on Friday.

Other banks reporting over the next few weeks could find it tough to match the pace set by JPMorgan Chase (JPM), which reported record revenue in the first quarter of 2023 on Friday, sending shares soaring.

JPMorgan blew by analyst estimates, propelled by income from higher interest rates. The largest bank in the U.S. by assets reported a net income of $12.62 billion in the first quarter, compared with $8.28 billion a year ago.

Earnings per share were up to $4.10, a jump of 56% from a year ago. Earnings came in well ahead of analyst projections, which had the bank posting earnings per share of $3.43.

JPMorgan’s results were helped by the Federal Reserve’s campaign of interest rates hikes to curb inflation, which helped the bank boost its net interest income by 49%. 

Shares of JPMorgan jumped more than 7% on the news in early trading on Friday.

JPM Daily Moves 4/14/2023

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  1. JPMorgan Chase & Co. "JPMorgan Chase Reports First-Quarter 2023 Net Income of $12.6 Billion."

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