JPMorgan's stock rallies to new highs after great Q3 results

2024-04-15 05:43:48 Business

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JPMorgan, kicked off earnings season this week for the big names in the financial sector, followed by Goldman Sachs, Citigroup, and wells Fargo, With Morgan Stanley, and Bank Of America to report in the latter half of the week.

In Tuesdays trading session we saw JPMorgan?s stock rallied to new record highs, after the largest bank in the US reported their quarter three earnings which saw Wall Street?s expectations blown out of the water. Some key figures from the bank?s report compared to the expected results show just how well the bank did this quarter. Revenue for the quarter saw reports of $29.3 billion USD with an expectation of $28.6 billion, and adjusted earnings, at $2.68 per share, compared to Wall Streets expected $2.46 per share.

Revenue for the third quarter set a new record, and was driven further upwards on an adjusted basis at just over $30 billion. This reinforced by the banks huge strength in almost all of its major business ventures. CEO Jamie Dimon said in a statement ?The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.?

Shares in the bank, which trades on the NYSE (New York Stock Exchange) saw an increase of over 3.6% from Mondays final bell, and now sits at $119.96 after close of trading on Tuesday. JPMorgan has kept the first spot for global banking fees, with almost 10% industry share this year. Dimon explained that ?Banking revenue for the quarter was $3.3 billion, up 2% from the same quarter a year ago. Investment banking revenue was $1.9%, up 8% on higher underwriting fees.?

-Wang Ai Nu
-ILA International
-info@ilainternational.com