JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, is the first among a lineup of mega banks to unveil first quarter results this week as earnings season kicks off.

The company has been a strong outperformer in the banking sector, which lagged the broader market meaningfully this year amid concerns over U.S. bank ties to Russia and worries of an economic slowdown. Still, shares of JPMorgan are down 18.7% year to date.

JPMorgan released its quarterly results Wednesday. Here were the key figures versus expectations, according to analysts polled by Bloomberg.

• Revenue (adjusted): $31.59 billion vs. $31.44 billion expected, $30.35 billion in Q4

• Earnings per share (adjusted): $2.63 per share vs. $2.72 expected, $3.33 per share in Q4

Wednesday’s report reflected a lackluster quarter for the banking powerhouse following a volatile start to the year on Wall Street as the Russia-Ukraine war and economic uncertainty weighed on markets.

JPMorgan reported a lower-than-expected net income for the first quarter of $8.3 billion, or $2.63 per share, down 42% from the same period in 2021 when the bank posted a profit of $14.3 billion, or $4.50 per share.

Investment banking also came in short of analyst estimates at $2.1 billion versus $2.25 billion expected as geopolitical tensions in Eastern Europe stalled deal activity in the first quarter. Investment banking fees were down 31% due to lower equity and debt underwriting activity, the bank said, marking the lowest fees recorded since the first quarter of 2021.

Shares of JPMorgan dropped as much as 3% in pre-market trading.

"We remain optimistic on the economy, at least for the short term but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine," CEO Jamie Dimon said in a statement.

The banking giant also reported adding $902 million in credit reserves for potential loan losses, warning of "higher probabilities of downside risks."