Shares of JPMorgan Chase & Co (NYSE: JPM) rose in pre-market trading on Friday after the bank posted Q1 revenues of $39.34 billion, increasing by 24.8% year-over-year and surpassing consensus estimates of $36.1 billion. Adjusted earnings came in at $4.10 per share versus $2.63 in the same period a year back and which beat analysts’ consensus estimate of $3.4 per share.
The bank had a provision for credit losses of $2.3 billion, including “a $1.1 billion net reserve build and $1.1 billion of net charge-offs.” Book value increased by 9% to $94.34 per share while tangible book value was up by 10% to $76.69 per share.
Overall, Wall Street analysts are bullish about JPM stock with a Strong Buy consensus rating based on 11 Buys and two Holds.
