Finance
JPMorgan Shares Fall After NII Miss, Higher Expense Guidance
- Bank boosts guidance for NII excluding markets by $1 billion
- Dimon cites significant ‘uncertain forces’ weighing on economy
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JPMorgan Chase & Co. reported net interest income that slightly missed analyst estimates, a sign the benefit of higher interest rates may be waning amid pressure to pay out more to depositors.
The firm earned $23.1 billion in NII in the first three months of 2024, up 11% from a year earlier, according to a statement Friday. It still expects to earn about $90 billion from the key revenue source this year, but lifted its guidance excluding the markets business to about $89 billion. Chief Financial Officer Jeremy Barnum said the lower expected markets-related NII would be “bottom-line neutral.”