Business · Sherwood News
JPMorgan drops after cutting full-year net interest income outlook
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The bank had upped its guidance for net interest income in late February.
Key facts
- Charter, which owns Spectrum, reported adjusted earnings of $9.17 per share, below Wall Street estimates of $9.96 per share from analysts polled by FactSet
- JPM now sees net interest income (the spread between what it makes off loans vs. what it pays for deposits, aka NII) of $103 billion this year, down from prior guidance of “about $104.5 billion
- The Q1 results themselves look pretty solid, with revenues of $50.54 billion besting estimates for $49.26 billion, buoyed by record results in its trading division
- The move reverses what the bank had done to its NII view in late February, when it was bumped up to $104.5 billion from $103 billion
Summary
Shares of JPMorgan are dipping in premarket trading, off as much as 3% before paring losses, after America’s biggest bank lowered its projection for net interest income generated this year while delivering its Q1 results. JPM now sees net interest income (the spread between what it makes off loans vs. what it pays for deposits, aka NII) of $103 billion this year, down from prior guidance of “about $104.5 billion.” The move reverses what the bank had done to its NII view in late February, when it was bumped up to $104.5 billion from $103 billion. In the press release, CEO Jamie Dimon noted that “there is an increasingly complex set of risks — such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices.”