Top American Banks Exceed Earnings Expectations On Higher Interest Rates
NDTV
JPMorgan Chase, the country's largest bank, reported a $12.6 billion net profit for the first quarter of 2023, up 52 per cent from a year earlier. Earnings per share jumped 56 per cent to $4.10.
Top American banks delivered healthy quarterly profit gains on Friday, beating analyst forecasts as the sector's biggest names emerged unscathed from the turmoil hitting smaller lenders, Asia Nikkei reported.
JPMorgan Chase, the country's largest bank, reported a $12.6 billion net profit for the first quarter of 2023, up 52 per cent from a year earlier. Earnings per share jumped 56 per cent to $4.10.
The results gave the first indicator of how JPMorgan and its peers are faring since the March failures of midsize lenders Silicon Valley Bank and Signature Bank.
Citigroup's $4.6 billion and Wells Fargo's $5 billion in profits were also improvements over the first quarter of 2022, as were earnings per share for both banks, Asia Nikkei reported.
