Major US Banks Top Q1 Earnings Estimates As High Interest Rates Offer Tailwinds: 'Indicators Continue To Be Favorable,' Jamie Dimon Says
Portfolio Pulse from Piero Cingari
Major US banks, including JPMorgan Chase & Co., Wells Fargo & Co., BlackRock Inc., and Citigroup Inc., reported Q1 2024 earnings that exceeded consensus forecasts, benefiting from high interest rates and a strong economy. JPMorgan highlighted strong results despite some figures slightly below estimates, maintaining a positive outlook. Citigroup surpassed expectations with significant revenue and EPS, with notable performance in U.S. Personal Banking. BlackRock also beat estimates, with AUM exceeding expectations and significant net inflows. Shares of JPMorgan fell 3% in premarket trading, while Citigroup and BlackRock shares rose.
April 12, 2024 | 1:18 pm
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POSITIVE IMPACT
BlackRock Inc. reported Q1 2024 earnings above estimates with AUM exceeding expectations, leading to a 0.7% rise in shares in premarket.
BlackRock's earnings beat and higher-than-expected AUM contributed to positive investor sentiment, reflected in a 0.7% premarket share price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Citigroup Inc. exceeded Q1 2024 earnings and revenue expectations, with shares rising 1.6% in premarket trading.
Citigroup's better-than-expected earnings report and positive performance in U.S. Personal Banking contributed to a 1.6% increase in its share price in premarket trading.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
JPMorgan Chase & Co. reported strong Q1 2024 earnings, surpassing EPS and revenue estimates but saw shares fall 3% in premarket trading.
Despite surpassing earnings and revenue estimates, JPMorgan's shares fell due to some figures slightly below estimates and market reactions to the overall financial outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100