JPMorgan Chase & Co posted a better-than-expected quarterly profit on Friday, ea...
- JPMorgan Chase & Co posted a better-than-expected quarterly profit on Friday, easing fears that slowing economic growth could weigh on its results.
U.S. bank stocks have underperformed the broader market in recent months on fears of an impending recession, with economists and investors citing concerns over a flattening yield curve and slowing housing market. But bank executives have downplayed concerns, pointing to continuing loan growth. The bank’s net interest margin, a key measure of loan profitability, edged up only 0.02 percent point from the fourth quarter, a slower pace of improvement than in the two previous quarters.
There are other warning signs. JPMorgan’s commercial banking segment made a $90 million provision for credit losses in the first quarter primarily because of downgrades in the credit worthiness of what it called “select” commercial and industrial borrowers.
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