(AOF) – JPMorgan published results above expectations, but its interest income disappointed. In the first quarter, the American bank recorded a 6% increase in net profit to $13.42 billion, or $4.44 per share. Earnings per share beat consensus at $4.17. JPMorgan recorded in its accounts a charge of $725 million, which is intended to participate in the bailout of the American agency guaranteeing bank deposits in the United States.
The FDIC had to intervene after the bankruptcy of several regional banks in 2023.
Revenue rose 9% to $41.93 billion, buoyed by interest income rising 11% to $23.08 billion, compared to Wall Street’s target of $23.13 billion. The market was targeting $41.69 billion in revenue at the group level.
JPMorgan forecasts $90 billion in interest income this year.
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Despite the turbulence, fintechs stay the course
According to BCG, in mid-2021, all listed fintechs in the world were valued on average twenty times their revenues, or a valuation of around $1.3 trillion. This figure had multiplied by more than four in three years. At the end of 2022, this multiple was divided by five, with average valuations limited to four times revenue. Nevertheless, BCG considers that the sector should record a jump in growth by 2030, with a six-fold increase in revenues for fintechs. After payments, development should mainly come from fintech banking, with the rise of turnkey services for businesses and professionals (“banking-as-a-service”).