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S&P Global Revises JPMorgan Chase Outlook to 'Positive'
JPMorgan, the largest U.S. bank by assets, ended 2023 with its best-ever annual profit, and in January forecast higher-than-expected interest income for 2024, though its fourth-quarter profit fell. The Standard & Poor's 500 Bank Index, which tracks a basket of large bank stocks, climbed about 14.4% over the same period.
(Reuters) - S&P Global on Monday revised its outlook on JPMorgan Chase to "positive" from "stable", citing the strength of its large loan-to-trade business over peers.
"JPMorgan Chase has successfully consolidated its market share across a wide range of loan types and services, and has generated solid earnings in a variety of economic conditions.
JPMorgan, the largest U.S. bank in terms of assets, posted its best-ever annual profit in 2023, and in January forecast higher-than-expected interest income for 2024, though its fourth-quarter profit fell.
The bank's shares had climbed 171 TP3T so far this year by the end of the last trading session, while the S&P 500 Banks Index, which tracks a basket of large bank stocks, had climbed about 14.41 TP3T over the same period.
"JPM's profitability and return have been industry-leading, and its tangible book value has grown by more than 9% per year since 2004, well ahead of its peers," S&P said.
The bank will announce its first-quarter results next week, competing with Bank of America, Wells Fargo and Citigroup.
The optimistic outlook contrasts sharply with smaller regional banks. Late last month, S&P lowered its outlook on a series of regional lenders, citing commercial real estate (CRE) risk.
(Reporting by Manya Saini and Mehnaz Yasmin in Bangalore; Editing by Krishna Chandra Eluri)
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