JPMorgan Posts Q1 Sales Beat, Earnings Miss, Builds Credit Reserve For Recession

JPMorgan Chase JPM reported first-quarter earnings of 78 cents per share Tuesday, missing the consensus estimate of $1.84. 

The bank posted sales of $28.3 billion and managed sales of $29.1 billion versus the $29.67-billion estimate.

“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 $6.8 billion, resulting in total credit costs of $8.3 billion for the quarter,” Chairman and CEO Jamie Dimon said in a statement. 

“The first quarter delivered some unprecedented challenges and required us to focus on what we as a bank could do - outside of our ordinary course of business - to remain strong, resilient and well-positioned to support all of our stakeholders.”  

JPMorgan Chase shares were trading 3.33% higher at $101.46 in Tuesday's premarket session. The stock has a 52-week high of $141.10 and a 52-week low of $76.91.

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JPMorgan Chase CEO Jamie Dimon. Benzinga file photo by Dustin Blitchok.