JP Morgan’s Q1 financial results are out.
Earnings per share came in at $1.59, which is higher than the $1.39 analysts were looking for.
Revenue came in at $25.8 billion, which was a tad higher than the $25.7 billion expected by analysts.
Management also said it would crank up its dividend by 27% to $0.38 per share.
From CEO Jamie Dimon:
“We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident. As a result, we reduced the allowance for loan losses in Consumer & Community Banking in the first quarter by a total of $1.2 billion and are likely to see further releases. Credit conditions were also favourable across the wholesale loan portfolios.”
See JP Morgan’s earnings announcement at Yahoo Finance.