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. “We’ve been generally quite optimistic about the outlook for the economy,” Chief Financial Officer Marianne Lake told reporters on a call to discuss the results. “It doesn’t diminish the fact that there are a number of risks out there. Right now we don’t see that playing out in the data.”
While Lake did not directly answer if the lending spread had peaked after fueling profit growth for years, she said it will likely not get any better in the coming quarters. The bank expects it to remain constant, she said. “These downgrades were idiosyncratic. It was a handful of names” of diverse commercial and industrial borrowers, she said. “We are not seeing signs of deterioration.”
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