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The
largest U.S. bank earned $6.4 billion in the first quarter, or
$1.65 per share, up from $5.5 billion, or $1.35 per share a year
earlier.
Analysts had expected earnings of $1.52 a share, according to
Thomson Reuters I/B/E/S. It was not immediately clear if the
reported results were comparable.
JPMorgan shares were up 1 percent to $86.25 in premarket
trading.
The bank's markets-related revenue, particularly in fixed
income, grew as investors repositioned portfolios in response to
the Federal Reserve hiking interest rates as well as elections
in Europe and Britain's progress in leaving the European Union.
Overall, JPMorgan's corporate and investment banking division
reported a 17 percent rise in revenue, the biggest gain among
its four major business lines.
The bank reported growth in both loans and deposits as the
economy expanded, even as the pace of loan growth across the
U.S. banking industry has slackened recently.
JPMorgan's net interest income, which represents the difference
between its cost of money and how much it receives for the
funds, grew 6 percent, amid loan growth and higher rates.
Average loans for the period, excluding those in run-off
portfolios left from acquisitions, were up 9 percent from a year
earlier.
The mortgage business was a dark spot in the bank's results,
with mortgage fees and loan servicing revenue tumbling 39
percent to $406 million, from $667 million.
Higher rates have dissuaded borrowers from refinancing, and
JPMorgan executives said in February they expected non-interest
mortgage revenue to fall throughout the year.
In a statement, Chief Executive Jamie Dimon said U.S. consumers
and businesses are "healthy overall" and that the economy could
further improve if the government pursues pro-growth
initiatives.
Wells Fargo & Co <WFC.N> and Citigroup Inc <C.N> are also
scheduled to report results on Thursday.
(Reporting by Sweta Singh in Bengaluru and David Henry in New
York; Writing by Lauren Tara LaCapra; Editing by Saumyadeb
Chakrabarty and Bernadette Baum)
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