JPMorgan Chase & Co. (NYSE: JPM) posted first-quarter earnings and revenue that beat analysts’ estimate, driven by better-than-expected trading activity and lending margins.
The bank said revenue rose 6 percent to $25.6 billion. Net income jumped 17 percent to $6.45 billion, or $1.65 a share, from $5.52 billion, or $1.35 a year earlier. Analysts’ polled by Thomson Reuters had project earnings of $1.52 per share on revenue of $24.877 billion.
"We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year," CEO Jamie Dimon said in a statement.
The company said the robust result was boosted by strong performance in its corporate and investment banking division. Revenue in this division jumped 17 percent to $9.5 billion, while earnings surged 64 percent to $3.24 billion due to higher debt- and equity-underwriting fees.
“With pro-growth initiatives and improving collaboration between government and business, the U.S. economy can continue to improve,” Jamie said in the statement.
JPMorgan shares rose more than 1 percent in the premarket trading. But it pared its gains in the early trading.