Breaking: JPMorgan posted record revenue in the first quarter
Banks are starting to report their first-quarter earnings a month after a crisis rocked the industry. JPMorgan Chase & Co. weathered the upheaval as clients raced to big banks they weren’t afraid would fail.
Revenue rose 25% to $38.35 billion, a quarterly record. Wall Street was looking for $36.13 billion, according to FactSet.Deposits rose by $37 billion from December to $2.38 trillion. People and businesses seeking a safe harbor in the banking crisis moved their money to megabanks like JPMorgan. Net interest income, the difference between what the bank pays on deposits and earns on lending, rose 49% to $20.71 billion, a second quarterly record in a row.Corporate and investment-banking revenue was flat from a year earlier, down slightly in banking but up slightly in markets.The bank set aside $1.1 billion for potential loan losses.
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