JPMorgan shares rise after posting record quarterly earnings

JPMorgan Chase’s first-quarter earnings beat expectations, setting the pace for other banks to post earnings in the coming weeks.

JPMorgan

saw profits rise 52% year-over-year to $12.6 billion, or $4.10 a share, well ahead of forecasts by analysts surveyed by FactSet who expected the bank to earn $10.2 billion, or 3, 41 dollars per share. Revenue was a record $38.3 billion, up 25% from a year ago and topping estimates of $36.2 billion. The better-than-expected results were largely due to JPMorgan seeing net interest income of $20.9 billion ̵[ads1]2; up 49% from last year — as a result of the Federal Reserve’s rapid rate hike trajectory over the past year.