The numbers are out.
EPS of $1.28 comes in well ahead of the $1.16 estimate.
Revenue, however seems to be a little light. $25.8 billion is a bit behind expectations.
The stock is off a touch.
Says Dimon: “Retail Financial Services demonstrated good underlying performance, while we continued to invest in building branches and adding to our sales force. However, this performance was more than offset by the extraordinarily high losses we still are bearing on mortgage-related issues.(a) Unfortunately, these losses will continue for a while. Rest assured, we are fully engaged in fixing our problems and addressing our mistakes from the past, and we will strive to build the best mortgage business going forward.”
On the retail side of things, says JPMorgan:
The provision for credit losses was $1.3 billion, a decrease of $2.4 billion from the prior year and a decrease of $1.1 billion from the prior quarter. While delinquency trends and net charge-offs improved compared with both prior periods, the current-quarter provision continued to reflect elevated losses in the mortgage and home equity portfolios.
Background: A lot of the focus will be on internal questions, like credit quality and such. But the headline numbers are these. Earnings are expected to be $1.16/share and revenue is seen at $25.27 billion.
This is the first big bank to report earnings.
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