© Reuters. FILE PHOTO: People Go to JP Morgan Headquarters in New York
(Reuters) – JPMorgan Chase & Co (NYSE) reported better-than-expected quarterly earnings on Friday as higher interest income and gains in the Bank's and The bond business compensated for the weakness in trading.
The US banks' trading departments had a relatively quiet first quarter compared to a year earlier, as inflation concerns and increased trade tensions between the United States and China led to an increase in volatility.
"Despite some geopolitical uncertainty in the world, the US economy continues to grow, employment and wages are rising, inflation is moderate, financial markets are healthy, and consumer and corporate confidence remains strong," said CEO Jamie Dimon in a statement.
Total income from investment banking increased 1
The shares of the bank rose in early trading by 2.3 percent.
Total revenue increased 4.7 percent to $ 29.85 billion. Analysts had expected a turnover of 28.44 billion US dollars according to IBES data from Refinitiv.
The largest US bank increased its net income for the first quarter ended March 31, from $ 9.71 billion to $ 9.18 billion, or $ 2.65 per share, to $ 2.37 per share , one year ago. Analysts had a profit of $ 2.35 per share, according to IBES data from Refinitive
Net interest income increased 8 percent to $ 14.60 billion, supported by interest rate hikes since the first quarter of last year are closely monitored by investors for clues about the health of the US economy and the financial system.
Wells Fargo (NYSE :), the # 4 US bank for assets, is expected to submit later quarterly results
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