JPMorgan (NYSE:JPM) exceeded Wall Street forecasts in its first-quarter earnings, posting earnings per share (EPS) of $4.63, which was $0.44 higher than the analyst consensus of $4.19. The bank also reported strong quarterly revenue of $42.5 billion, surpassing the consensus estimate of $41.84 billion. Despite these strong financials, JPMorgan's stock declined by 5% intra-day today due to net interest income (NII) guidance falling short of expectations.

Total expenses increased to $22.8 billion, partly due to a $725 million rise related to the estimated Federal Deposit Insurance Corporation (FDIC) special assessment, leading to a 2% increase in the overhead ratio. Credit costs were reported at $1.9 billion, which included $2.0 billion in net charge-offs and a $72 million net reserve release. The bank also noted a 16% increase in average loans, or a 3% rise excluding First Republic, and a 2% growth in average deposits, or flat excluding First Republic.

For net interest income, JPMorgan recorded $23.1 billion for the quarter and adjusted its full-year NII forecast to $89 billion, which, despite being $1 billion above prior estimates, still falls below the market consensus of $90.68 billion.