JPMorgan Chase (JPM) earnings Q1 2024

JPMorgan ChasWe are expected to report our first quarter results before the opening bell on Friday.

Here’s what Wall Street expects:

• Earnings: $4.11 per share, according to LSEG
• Income: $41.85 billion, according to LSEG
• Net interest income: $23.18 billion, according to StreetAccount
• Commercial income: Fixed income of $5.19 billion and stocks of $2.57 billion, according to StreetAccount

JPMorgan will be closely watched for clues about how banks fared early in the year.

While the largest U.S. bank by assets has managed the rate environment well since the Federal Reserve began raising rates two years ago, its smaller counterparts have seen their profits shrink.

The sector has been forced to pay out its deposits as clients shift their cash to higher-yielding instruments, reducing their margins. Concern is also growing over rising losses on commercial loans, particularly on office buildings and multifamily housing, and rising defaults on credit cards.

Still, big banks are expected to outperform smaller ones this quarter, and expectations for JPMorgan are high. Analysts say the bank can raise its forecast for net interest income for 2024 as the Federal Reserve is forced to maintain interest rate levels amid stubborn inflation.

Analysts will also want to hear what CEO Jamie Dimon has to say about the economy and the industry’s push to oppose efforts to cap credit card and overdraft fees.

Wall Street may provide some help this quarter, with investment banking fees for the sector up 11% from a year earlier, according to Dealogic.

JPMorgan shares have jumped 15% this year, outperforming the KBW banking index’s 3.9% gain.

Wells Fargo And Citi Group are expected to release the results later Friday, while Goldman Sachs, Bank of America And Morgan Stanley report next week.

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