JPMorgan (JPM.US) was the first major US bank to report earnings for Q1 2020. The Bank reported EPS of $0.78 against $2.65 in Q1 2019 (-70.5% YoY). Provisions for credit losses jumped to $8.29 billion (+339% YoY). On the hand, revenue from fixed income and equities trading exceeded expectations and reached $4.99 and $2.24 billion, respectively. The Bank also stressed that it has a strong liquidity position, hinting that it may expect more troubles in the quarters ahead.
JPMorgan's provisions for loan losses almost exceed the financial crisis peak in Q1 2020! Source: Bloomberg, XTB Research
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