JPMorgan profit surges on huge trading, investment banking boost
Add BT as a preferred source
[NEW YORK] JPMorgan reported substantially higher first-quarter earnings on Wednesday, as the largest US bank released more reserves and was aided by a blowout quarter from its trading desks and soaring investment banking fees.
JPMorgan, widely seen as a barometer of the health of the broader US economy, was also helped by favourable comparisons to last year when the Covid-19 pandemic forced the bank to build reserves against the risk of a wave of loan defaults.
Net income rose to US$14.3 billion, or US$4.50 per share, in the quarter ended March 31, from US$2.9 billion, or 78 cents per share, a year earlier.
Analysts on average had expected earnings of US$3.10 per share, according to Refinitiv.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Buyer for England striker Harry Kane’s former mansion must pay £3.4 million after abandoning deal
Ohmyhome Ltd sells real estate business for token US$1 due to poor business and continued losses
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
