(Reuters) – JPMorgan Chase & Co (NYSE 🙂 reported a better than expected quarterly result last Friday, as higher interest income and gains in the Bank's advisory and debt insurance business counteracted weakness in trading .
Trading banks in US banks had a relatively quiet first quarter compared to the previous year, as inflation concerns and increased trade tensions between the United States and China led to an increase in volatility.
"Even in a global geopolitical uncertainty, the US economy continues to grow, employment and wages are rising, inflation is moderate, financial markets are healthy and consumer and business intelligence remains strong," said CEO Jamie Dimon in a statement. [1
Shares in the bank were up 2.3 percent in early trading. 19659004] Total revenue increased 4.7 percent to $ 29.85 billion, analysts expected $ 28.44 billion in revenue, according to IBIN data from Refinitiv
The largest US asset bank said net revenue increased to 9 $ 1 billion, or $ 2.65 per share in the first quarter ended March 31, from $ 8.71 billion, or $ 2.37 per share, one year earlier. Analysts had an estimated earnings of $ 2.35 per share, according to IBES data from Refinitive
Net interest income increased by 8 percent to $ 1460 billion, increasing with interest rate increases since the first quarter of last year.
JPMorgan's performance kicks earnings for major banks and is closely monitored by investors for indications of the health of the US economy and financial system.
Wells Fargo (NYSE :), No.4 US Bank of Assets, is expected to report quarterly results later today.
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