JPMorgan Chase Reports First-Quarter 2020 Financial Results |

[bhaigan]

JPMorgan shares drop after bank warns borrower defaults could get ‘meaningfully’ worse

• JPMorgan posted first-quarter profit well below analysts’ expectations, although the bank’s revenue held up amid the coronavirus pandemic.
• The bank reported quarterly per share earnings of 78 cents, missing analysts’ $1.84 estimate.
• The company added $6.8 billion to loan loss provisions. The reserve increase signals that management expects a surge in defaults across the company’s lending businesses, including credit cards, energy, real estate and retail sector. 
• One bright spot: JPMorgan’s trading division posted a 32% increase in revenue to a record $7.2 billion.

[r2d2]

Just now, bhaigan said:

meaningfully worse

[Spartan]

wuhaned....

[bhaigan]

JPMorgan Chase on Tuesday posted first-quarter profit that was well below analysts’ expectations, although the bank’s revenue held up amid the coronavirus pandemic.

The earnings drop was caused by a massive $6.8 billion addition to the bank’s credit reserves. The move signals that management expects a surge in defaults across the company’s lending businesses, from credit cards in its consumer division to energy, real estate and retail sector loans in its commercial operations. 

 

The bank posted quarterly earnings per share of 78 cents, compared with analysts’ $1.84 estimate. Profit of $2.87 billion plunged 69% from a year earlier, driven mostly by the provisions, while revenue proved to be more resilient, slipping 3% from a year earlier to $29.07 billion. Shares of the bank slumped 2.7%, reversing a gain of about 3% in earlier trading. 

The pandemic caused sharp declines in profit across three of the bank’s four main divisions; only the asset management business was spared. Another bright spot: JPMorgan’s trading division posted a 32% increase in revenue to a record $7.2 billion. Bond trading revenue surged to $5 billion, a full $1 billion higher than analysts expected, on stronger client activity in government bonds, currencies and emerging markets. Equities trading of $2.2 billion edged out the estimates as well on rising derivatives revenue. 

[bhaigan]

Just now, Spartan said:

wuhaned....

may be

[DummyVariable]

7 billion in loan loss provisions - defaults are supposed to happen in the future. Done to paint a pretty picture next quarter. 

[Pitta]

[JambaKrantu]

3 minutes ago, bhaigan said:

 

• One bright spot: JPMorgan’s trading division posted a 32% increase in revenue to a record $7.2 billion.

Trading companies like Fidelity, Vanguard, Ameritrade ki pandaga next few months with all the trading. Good for employees and contractors working in those companies..

[AndhraneedSCS]

Shares + 0.4% after hours 

[VictoryTDP]

1 minute ago, Spartan said:

wuhaned....

Assam badhulu Wuhan aa nice.

[Spartan]

2 minutes ago, VictoryTDP said:

Assam badhulu Wuhan aa nice.

yes its new assam for world

[bhaigan]

Just now, JambaKrantu said:

Trading companies like Fidelity, Vanguard, Ameritrade ki pandaga next few months with all the trading. Good for employees and contractors working in those companies..

Looks like Trading companies are doing well

[JambaKrantu]

5 minutes ago, bhaigan said:

Looks like Trading companies are doing well

Yes they will do well with all the volatility 

[KadapaKingg]

14 minutes ago, JambaKrantu said:

Trading companies like Fidelity, Vanguard, Ameritrade ki pandaga next few months with all the trading. Good for employees and contractors working in those companies..

I worked at Vanguard 2 years ago, good stable place but billing is low..

[bhaigan]

Just now, KadapaKingg said:

I worked at Vanguard 2 years ago, good stable place but billing is low..

Vanguard in Philly ?