Shares for JPMorgan Chase are up on Friday after the biggest U.S. bank by assets reported first quarter profits that beat Wall Street predictions.
Overall revenue increased 25% to $38.3 billion. Net revenue rose 25% to $39.3 billion, including $868 million of net investment securities losses.
Gross investment banking revenue was $881 million, up 21%.
Meanwhile, average loans went up 6%; average deposits slipped 8%.
BANKS COULD BEGIN CANCELING LINES OF BUSINESS CREDIT SOON
JPMorgan delivered $4.10 in earnings per share (EPS), beating the consensus for earnings of $3.41 per share, according to Refinitiv IBES data.
BANK OF AMERICA CLIENTS WITHDRAW $2.3B FROM US SECURITIES
Jamie Dimon, JPMorgan chair and CEO, said, "Consumer spending remained healthy with combined debit and credit card sales up 10% and card loans up 21%."
"The U.S. economy continues to be on generally healthy footings, consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks," he added. "Financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending."
CLICK HERE TO READ MORE ON FOX BUSINESS
Reuters contributed to this report.
