Figures have started coming, showing an idea of how the year’s first quarter has been. Because of the coronavirus pandemic, financial markets crashed quite terribly as normal activity ground to a halt. Some of the world’s largest stocks crashed and a lot of wealth owned by the richest people was lost. With all of these losses still in view, JPMorgan Chase & Co (NYSE: JPM), the largest bank in the U.S., has released a report, unsurprisingly disappointing estimates and investors.
Meanwhile, the JPM stock price is falling. At the time of writing, the stock is trading at $97.05 (-1.15%).
JPMorgan’s figures showed that the bank’s earnings were far less than general market estimates. For example, estimates put earnings per share at $1.84, much higher than JPMorgan’s reported 78 cents. Also, it announced a profit of $2.87 billion, which is a whopping 69% crash from figures in the first quarter of 2019. The company’s revenue, however, seemed healthier, as it came to $29.07, only crashing 3%. This is however lower than estimates at $29.67 billion.
The report says the company’s net income for Consumer & Community Banking (CCB) crashed 95% to hit $191 million. Net revenue dropped by 2%, to hit $13.2 billion. For Commercial Banking (CB), net income fell 86%, to $147 million.
In all of the disappointment, the report highlights some increase. Firstly, the bank’s revenue from bond trading surpassed analyst estimates by $1 billion, hitting $5 billion. Revenue from its trading division also jumped to $7.2 billion, a 32% increase.