FINWIRES · TerminalLIVE
FINWIRES

JPMorgan Beats First-Quarter Estimates; CEO Dimon Warns of 'Increasingly Complex' Risks to Economy

-- JPMorgan Chase (JPM) reported better-than-expected first-quarter results on Tuesday, while Chief Executive Jamie Dimon said the US economy remained resilient but warned of an "increasingly complex set of risks," including wars and energy price volatility.

The banking giant posted earnings of $5.94 a share for the quarter ended March, up from $5.07 the year before, topping the FactSet-polled consensus of $5.45. Consolidated revenue advanced 10% to $49.84 billion, ahead of the Street's view for $49.13 billion.

Net interest income inclined 9% on a managed basis to $25.48 billion. Noninterest revenue rose 11% both on reported and managed bases to $24.47 billion and $25.06 billion, respectively.

"The firm delivered strong results in the first quarter," Dimon said in the earnings release. "Performance was strong across our businesses."

Dimon noted that the world's largest economy "remained resilient" in the quarter, "with consumers still earning and spending and businesses still healthy." The resiliency was supported by several tailwinds, including fiscal stimulus and artificial intelligence-driven capital investment, according to the CEO.

"At the same time, there is an increasingly complex set of risks - such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices," Dimon added. "While we cannot predict how these risks and uncertainties will ultimately play out, they are significant and they reinforce why we prepare the Firm for a wide range of environments."

Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end of February, curtailing shipments through the crucial Strait of Hormuz. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.

Earlier in April, Dimon said in a shareholder letter that supply disruptions caused by the Iran war could keep inflation and interest rates higher than expected.

Revenue in JPMorgan's commercial and investment banking segment climbed to $23.38 billion from $19.67 billion in the prior-year period. Investment banking fees jumped 28%, buoyed by stronger advisory and equity capital markets activity, according to Dimon. "Payments continued to deliver very strong results, with double digit growth in deposits and fees," the CEO said in the earnings release.

Consumer and community banking revenue advanced 7% to $19.57 billion in the quarter, amid gains in banking and wealth management and card services and auto. Corporate revenue dropped 47% to $1.22 billion, while asset and wealth management sales grew 11% to $6.37 billion.

Assets under management gained 16% to $4.8 trillion, boosted by higher market levels and continued net inflows, JPMorgan said. The bank's provision for credit losses declined to $2.51 billion from $3.31 billion in the 2025 quarter, including net charge-offs of $2.3 billion.

The lender expects net interest income of about $103 billion for full-year 2026, according to an earnings presentation.

相關文章

Oil & Energy

伍德麥肯茲表示,隨著油價反彈和經濟復甦時間表推遲,霍爾木茲海峽的干擾加劇。

伍德麥肯茲週二表示,霍爾木茲海峽的航運仍受到嚴重限制,船舶通行量遠低於正常的每日170艘,能源市場正對持續的中斷做出反應。 伍德麥肯茲指出,儘管有停火訊號,但水道實際上仍受到限制,安全通行的不確定性繼續阻礙航運活動。 儘管美國和伊朗正朝著重啟談判的方向邁進,但雙方在條件上仍存在巨大分歧,這增加了海灣能源出口長期中斷的風險。 伍德麥肯茲補充說,4月7日宣布的為期兩週的停火以及隨後在黎巴嫩進行的為期10天的暫停,曾一度提振了人們對緊張局勢緩和的樂觀情緒。 然而,兩艘印度船隻在周末試圖通過海峽時遭到砲火襲擊,被迫返航,凸顯了持續存在的風險。 伊朗伊斯蘭革命衛隊警告船隻不要在波斯灣和阿曼海航行,並表示「接近霍爾木茲海峽將被視為與敵人合作」。 伍德麥肯茲公司的數據顯示,停火後,船隻通行量略有回升,每天約有20艘船隻通過,但仍遠低於2月約170艘的水平。 這種有限的復甦勢頭已經逆轉,週日記錄到的船隻通行量極少,顯示石油、天然氣和化學市場持續受到干擾。 報告顯示,停火後油價最初下跌,布蘭特原油價格從每桶110美元左右下跌約14%至95美元以下,之後一度跌至略高於86美元。 隨後油價反彈,布蘭特原油6月期貨價格上漲約5%至每桶95美元左右,而歐洲天然氣價格一度攀升至每兆瓦時61.5歐元(72.21美元),之後回落至40歐元。伍德麥肯茲公司表示,美國加強了對伊朗的封鎖,扣押了一艘貨船,並加大了對伊朗相關航運的壓力。同時,雙方在周末的言論交鋒也愈發激烈。 伊朗伊斯蘭革命衛隊下屬媒體塔斯尼姆通訊社指出,如果敵對行動再次爆發,包括曼德海峽在內的幾個地點可能會「進入衝突區」。 伍德麥肯茲公司補充道,塔斯尼姆通訊社也提到了沙烏地阿美公司在延布和富查伊拉的資產和重要石油碼頭,這些碼頭是繞過霍爾木茲海峽的替代路線。 伍德麥肯茲公司高級副總裁艾倫·格爾德表示,和平協議或許能讓一些油輪迅速恢復航行,但霍爾木茲海峽的正常交通全面恢復可能要到6月底才能實現。 伍德麥肯茲表示,和平協議達成後,液化天然氣出口可能會出現初期激增,但全面恢復正常運作需要更長時間。 伍德麥肯茲的馬西莫·迪·奧多阿爾多表示,卡達南部液化天然氣設施的重啟可能需要三到四周,而北部設施的恢復則需要更長時間。 伍德麥肯茲指出,美國和伊朗之間日益緊張的局勢使復原時間表蒙上陰影,霍爾木茲海峽的長期中斷威脅著全球能源市場更嚴重的失衡。 伍德麥肯茲的彼得馬丁表示,布蘭特原油2026年的平均價格約為每桶85美元,並警告稱,接近每桶90美元的價格可能將全球經濟成長率推低至2%以下,甚至陷入衰退。

Research

研究快訊:EWBC:第一季獲利超預期,營收成長優於預期

獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下:EWBC公佈了強勁的2026財年第一季業績,營運每股收益為2.57美元,高於去年同期的2.08美元,超出市場預期0.10美元。第一季營收為7.74億美元,超出市場預期3%,年增12%,季增2%。該季度再次創下歷史新高,銀行貸款、存款和手續費收入均創歷史新高,同時保持了良好的信貸品質。淨利息收入較上季成長2%,表現優異;淨利差提升8個基點至3.49%,主要得益於存款成本下降21個基點至2.84%,足以抵銷貸款收益率下降9個基點的影響。資產負債表成長依然強勁,貸款總額達到創紀錄的580億美元(季增2%,年增7%),存款總額達690億美元(季增3%,年增9%)。貸款成長實現了良好的多元化,涵蓋商業和工業貸款、商業房地產貸款以及住宅抵押貸款組合。手續費收入季增13%,創歷史新高,其中財富管理費收入成長超過一倍。在競爭激烈的市場環境下,該行的資金優化措施持續取得成效。

$EWBC
Asia

紐西蘭航空首席財務長將辭職

紐西蘭航空(ASX:AIZ,NZE:AIR)週三向紐西蘭證券交易所提交的文件顯示,財務長理查德湯姆森已辭職,將於8月28日生效。 文件還補充道,該航空公司已啟動尋找新任財務長的程序。

$ASX:AIZ$NZE:AIR