JP Morgan Chase CEO Jamie Dimon said he wouldn’t label the risk of banks stopping lending a ‘credit crunch’.

"There’s going to be a little bit of tightening," but most of that will involve certain aspects of the real estate sector, he said Friday on the bank's first quarter earnings call. "You’ve heard it from real estate investors already."

JAMIE DIMON WARNS BANKING CRISIS HAS RAISED ODDS OF RECESSION

The tighter financial conditions will also increase the odds of a recession, Dimon added. But, "It’s not like a credit crunch."

JPMorgan reported overall revenue increased 25% to $38.3 billion. 

Earnings per share of $4.10 topped the per share consensus estimate of $3.41, according to Refinitiv IBES data cited by Reuters.

COMMERCIAL REAL ESTATE MARKET COULD CRASH SOON. HERE’S WHY

Office and retail property valuations could plummet as much as 40% from peak to trough this year as higher interest rates make it harder for investors to refinance trillions in looming debt, said Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management.

Small and regional banks are the biggest source of credit to the $20 trillion commercial real estate market, holding about 80% of the sector's outstanding debt. Regional banks are at the epicenter of the upheaval within the financial sector, and there are concerns that the turmoil could make lending standards drastically more restrictive.

JPMORGAN SHARES JUMP ON RECORD QUARTER

Shares for JPMorgan Chase are up on Friday, gaining 9% over the last five days.

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FOX Business reporter Megan Henney contributed to this article.