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<p class="has-drop-cap">Wells Fargo and JPMorgan Chase reported their first-quarter earnings results on Friday, surpassing analysts’ expectations on both <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share</a> and revenue. <br><br>Wells Fargo <a href="https://tokenist.com/wells-fargo-exceeds-q1-expectations-sets-optimistic-outlook/" rel="noopener noreferrer nofollow" class="deco-link">posted</a> an adjusted EPS of $1.26, beating the anticipated $1.11, while <a href="https://tokenist.com/jpmorgan-chase-reports-strong-start-to-2024-with-record-earnings-and-strategic-growth/" class="deco-link" rel="noopener noreferrer nofollow">JPMorgan’s EPS</a> stood at $4.44, with a total profit of $13.42 billion. Wells Fargo’s revenue reached $20.86 billion, exceeding the projected $20.20 billion, and JPMorgan’s full-year net interest income forecast was adjusted to $89 billion.</p>
<h3 id="wfc-jpm-report-decline-in-net-interest-income-for-q1">WFC, JPM Report Decline in Net Interest Income for Q1</h3>
<p>Despite the strong earnings, both <a href="https://tokenist.com/three-banking-stocks-to-hold-for-2024/" rel="noopener noreferrer nofollow" class="deco-link">banks</a> experienced a decline in net interest income. Wells Fargo saw an 8% decrease due to higher funding costs and a shift to higher-yielding deposit products. JPMorgan’s net interest income for Q1 was $23.1 billion, an 11% increase from the previous year but a decrease from last quarter’s $24 billion.</p>
<p>Wells Fargo’s net interest income decline was anticipated due to environmental pressures, but the bank outperformed some cautious estimates thanks to other income offsets. <br><br>On the other hand, JPMorgan’s net interest income precisely matched analysts’ expectations, indicating accurate market predictions and aligning with the bank’s guidance.</p>
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<h3 id="wells-fargo-and-jpm-stocks-dip-in-premarket">Wells Fargo and JPM Stocks Dip in Premarket</h3>
<p>In <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">pre-market trading</a>, Wells Fargo’s stock opened at $56.98 and dipped to $56.50 at the time of writing, a decrease of about 0.34%, while JPMorgan’s stock dropped from a close of $195.43 to $190.83, a 2.35% decrease. <br><br>Throughout the day, Wells Fargo’s stock fluctuated between $55.62 and $57.00, while JPMorgan traded from $193.24 to $196.57.</p>
<p>Year-to-date, Wells Fargo’s stock has increased more than 15%, outperforming the S&amp;P 500’s 9% gain. JPMorgan’s stock movement, on the other hand, reflected broader market trends and was notably influenced by net interest income forecasts.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/jpm-wfc-q1-earnings-beat-overshadowed-by-net-interest-income-concerns/">JPM, WFC Q1 Earnings Beat Overshadowed by Net Interest Income Concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

JPM, WFC Q1 Earnings Beat Overshadowed by Net Interest Income Concerns

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