The JPMorgan report shows that the coronavirus pandemic is a factor that is strong enough to significantly dent earnings. JPM stock is in the red now.
\n[contfnewc]
\nFigures have started coming, showing an idea of how the years first quarter has been. Because of the coronavirus pandemic, financial markets crashed quite terribly as normal activity ground to a halt. Some of the worlds 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.<\/p>\n
Meanwhile, the JPM stock price is falling. At the time of writing, the stock is trading at $97.05 (-1.15%).<\/p>\n
JPMorgans figures showed that the banks earnings were far less than general market estimates. For example, estimates put earnings per share at $1.84, much higher than JPMorgans 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 companys revenue, however, seemed healthier, as it came to $29.07, only crashing 3%. This is however lower than estimates at $29.67 billion.<\/p>\n
The report says the companys 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.<\/p>\n
In all of the disappointment, the report highlights some increase. Firstly, the banks 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.<\/p>\n
According to company CEO Jamie Dimon in the report, JPMorgan decided to build its credit reserves, because of the effects of the pandemic. Dimon says that the company had a good quarter, regardless of the difficult situation brought about by the coronavirus outbreak.<\/p>\n
\u201cJPMorgan Chase performed well in what was a very tough and unique operating environment. In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8B, resulting in total credit costs of $8.3B for the quarter.\u201d<\/p>\n<\/blockquote>\n
The report also shows that the bank made provisions for support worth $638 billion. Consumer credit took $63 billion, with $8 billion for small businesses in the U.S. Corporate clients and non-U.S. government entities took $334 billion, and another $20 billion was for non-profit organizations and U.S government entities. This includes hospitals, universities, states and municipalities. Other corporations took $213 billion.<\/p>\n
Dimon, in the report, also specified some of JPMorgans activities, in helping with the adverse effects of the pandemic.<\/p>\n
\u201cJPMorgan Chase made a $50 million commitment to help address the immediate humanitarian crisis, as well as the long-term economic challenges that the most vulnerable people face. And the firm announced a $150 million loan program to help community partners get capital to underserved small businesses and nonprofits, particularly in the hardest-hit communities,\u201d explained he.<\/p>\n
Read more from source: https:\/\/www.coinspeaker.com\/jpmorgan-stock-q1-earnings-report\/<\/a><\/p>\n
The post JPMorgan (JPM) Stock Down 1.16% Now as Company Releases Poor Q1 2020 Earnings Report<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
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