JPMorgan Chase
(JPM) on Friday reported first-quarter profit and revenue that roundly beat expectations, as tumult in the financial sector last month continues to fuel recession fears.
The New York-based bank posted a profit of $12.6 billion or $4.10 per share. That’s up from $8.3 billion, or $2.63 per share from the same period a year before. Analysts expected earnings of $3.41 per share, according to Refinitiv.
The company is the largest bank in the United States, with $3.67 trillion in assets, making it a bellwether for the US economy.
“The US economy continues to be on generally healthy footings — consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon,” CEO Jamie Dimon said in a press release.
This story is developing and will be updated.
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