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The
lender's solid performance in the quarter underscores how big
banks - with diversified businesses and trillions of dollars in
assets - have withstood the crisis in part because they were
required by regulators to hold more capital after the 2008
mortgage crisis.
Shares of JPMorgan rose 5% in premarket trading after the lender
reported a 52% increase in profit to $12.62 billion, or $4.10
per share, in the three months ended Mar. 31.
Chief Executive Jamie Dimon said the U.S. consumer and economy
remains healthy but cautioned that the banking crisis could turn
lenders more conservative and may impact consumer spending.
"The storm clouds that we have been monitoring for the past year
remain on the horizon, and the banking industry turmoil adds to
these risks."
Revenue at the lender's consumer and community banking unit
jumped 80% to $5.2 billion on the back of higher interest rates.
The Federal Reserve raised rates by a quarter of a percentage
point last month.
JPMorgan's net interest income, a measure of how much it earns
from lending, surged 49% to $20.8 billion.
However, its Wall Street investment banking business remained a
sore point. Revenue at the unit fell 24%, weighed down by a
tepid market for mergers, acquisitions and stock sales. Equity
trading revenue slid 12%. Fixed income trading revenue was flat.
Overall revenue jumped 25% jump to $38.3 billion.
(Reporting by Niket Nishant in Bengaluru and Nupur Anand in New
York; Editing by Lananh Nguyen and Saumyadeb Chakrabarty)
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