JPMorgan Chase Reports Strong First Quarter Earnings
Net income of $8.3 billion, or $2.63 per share
Revenue of $30.7 billion, up 4% from a year ago
Outlook for 2022 remains strong
JPMorgan Chase reported first-quarter 2022 net income of $8.3 billion, or $2.63 per share, compared to $14.3 billion, or $4.50 per share, in the first quarter of 2021. Revenue increased 4% to $30.7 billion from $29.5 billion a year ago.
The results were driven by strong performance in the firm's investment banking, asset management, and retail banking businesses. Net interest income also increased, reflecting the impact of higher interest rates.
“We had a strong start to the year, with solid revenue growth across our businesses and continued progress in our digital transformation,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “We are well-positioned to navigate the current economic and geopolitical uncertainties and continue to support our customers and clients.”
The firm's outlook for 2022 remains strong. JPMorgan Chase expects net interest income to increase by about $5 billion for the full year, driven by higher interest rates. The firm also expects to continue to generate strong revenue growth in its investment banking, asset management, and retail banking businesses.
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