Leading many banks out of the earnings gate, JPMorgan Chase on Wednesday, April 14, announced profits of $3.3 billion for the first quarter, exceeding analysts’ expectations.
JPMorgan said its first-quarter income rose more than 50% from the same quarter last year, on revenue of $28.2 billion. Its earnings were 74 cents a share, up from 40 cents a share in the same quarter a year earlier. Analysts surveyed by Thomson Reuters had forecast income of 64 cents a share on revenue of $26.5 billion.
JPMorgan’s investment bank led the way for the company, pulling in $2.47 billion of its first-quarter profit.
Also, loan delinquencies continued to stabilize, the bank said, which was a good sign for the overall economy.