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4/14, 12:48 PM (Source: TeleTrader)
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JPMorgan's EPS drops 71% to $0.78 in Q1

JPMorgan Chase & Co said on Tuesday its reported revenue stood at $28.3 billion in the first quarter of 2020, falling 3% from the same period a year ago and missing market estimates.

The lender's earnings per share (EPS) dropped 71% year on year to $0.78 and net income in the three-month period amounted to $2.9 billion. Speaking on the coronavirus pandemic, CEO Jamie Dimon said the bank "entered this crisis in a position of strength, and we remain well capitalized and highly liquid."

"In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8B, resulting in total credit costs of $8.3B for the quarter," Dimon added.

JPMorgan shares were up 0.50% in premarket trading despite worse-than-expected results.

Breaking the News / NP