JPMorgan Chase Tops Q1 Estimates as CEO Dimon Warns of 'Considerable Turbulence'

JPMorgan Chase (JPM) on Friday reported better-than-expected fiscal first-quarter results as big banks kicked off the new earnings season.

The banking giant reported earnings per share (EPS) of $5.07 on revenue of $45.31 billion, each up from $4.44 and $41.93 billion, respectively, a year ago. Analysts had expected $4.64 and $43.55 billion, according to estimates compiled by Visible Alpha. It generated $23.4 billion in net interest income (NII), above the $23.00 billion consensus.

Shares of JPMorgan were up 3.5% soon after the opening bell Friday. They entered the day down roughly 5% year-to-date but up about 16% in the last 12 months.

"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars,' ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," JPMorgan CEO Jamie Dimon said. "As always, we hope for the best but prepare the Firm for a wide range of scenarios."

Dimon wrote in his annual letter to shareholders this week that he expected the Trump administration's tariffs "will slow down growth."

Analysts had said leading up to earnings season that that while tariffs may not directly affect the banks themselves, they likely will take a toll on their customers. Wells Fargo (WFC) and Morgan Stanley (MS) also report Friday, while others like Bank of America (BAC) and Citigroup (C) are set to report next week.

UPDATE—This article has been updated with the latest share price information.

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