Non-interest expenses rose 2% to $19.2 billion, less than analysts were expecting but still the highest quarterly figure since 2013, as Dimon continues his spending spree to fend off competition. The bank has faced investor backlash in recent months after executives said in January that they expected expenses to surge 8.6% this year.
Total loans at the end of the first quarter rose 6% from a year earlier, with commercial loans up 10% and credit-card loans 15% higher. Consumer loans excluding credit cards were down 4%. Loan growth has been a key focus for investors looking for signs of a rebound after a lending slowdown tied to pandemic-era stimulus. The firm raised its net interest income outlook for the year to $53 billion or more, up from the roughly $50 billion it predicted in January.
“We remain optimistic on the economy, at least for the short term -- consumer and business balance sheets as well as consumer spending remain at healthy levels –- but see significant geopolitical and economic challenges ahead due to high inflation, supply-chain issues and the war in Ukraine,” Dimon said in the statement.
JPMorgan is first among the top six banks scheduled to report. It’s followed Thursday by Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. Bank of America Corp. comes Monday.
This article was provided by Bloomberg News.