|
Trading desks at U.S. banks had a relatively quiet
first-quarter, compared with a year-earlier, when worries over
inflation and heightened trade tensions between the United
States and China led to a spike in volatility.
"Even amid some global geopolitical uncertainty, the U.S.
economy continues to grow, employment and wages are going up,
inflation is moderate, financial markets are healthy and
consumer and business confidence remains strong," Chief
Executive Officer Jamie Dimon said in a statement.
Total investment banking revenue rose 10 percent, boosted by
debt underwriting and advisory fees. Weak bond trading dragged
overall adjusted trading revenue down 10 percent and hurt total
revenue from the bank's corporate and investment banking
business.
Shares of the bank were up 2.3 percent in early trading.
Overall revenue rose 4.7 percent to $29.85 billion.
Analysts had expected revenue of $28.44 billion, according to
IBES data from Refinitiv.
JPMorgan's results kickoff earnings for the big banks and is
closely watched by investors for cues on the health of the U.S.
economy and the financial system.
The largest U.S. bank by assets said net income rose to $9.18
billion, or $2.65 per share, in the first quarter ended March
31, from $8.71 billion, or $2.37 per share, a year earlier.
Net interest income rose 8 percent to $14.60 billion, boosted by
rate increases since the first quarter of last year.
Analysts had estimated earnings of $2.35 per share, according to
IBES data from Refinitiv.
Wells Fargo, the No.4 U.S. bank by assets, is expected to report
quarterly results later in the day.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj
Kalluvila)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
