JPMorgan Chase said Wednesday that first-quarter profit fell sharply from a year earlier, driven by increased costs for bad loans and market upheaval caused by the Ukraine war.
Here are the numbers:
- Adjusted earnings: $2.76 a share vs $2.69 estimate.
- Revenue: $31.59 billion vs. $30.86 billion estimate, according to Refinitiv.
Profit fell 42% from a year earlier to $8.28 billion, or $2.63 a share, the New York-based bank said. Adjusted earnings of $2.76, which excludes the 13-cent impact tied to Russia, exceeded the $2.69 estimate of analysts surveyed by Refinitiv.
Revenue dropped a more modest 5% to $31.59 billion, exceeding analysts’ estimate for the quarter, helped by better-than-expected…