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JP Morgan Chase & Co. banks better-than-expected profits

Investment bank racked up profits of US$1.55 per share, against estimates of US$1.43 a share

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Investors were set to study bank earnings for evidence of any impact from 'Brexit'

Investment banking giant JPMorgan Chase & Co. (LON:JPM) got the industry's earnings season off to a good start with forecast-busting profits.

JP Morgan racked up profits of US$1.55 per share, against estimates of US$1.43 a share.

It also turned in better-than-expected revenue of US$25.2bn.

It attributed the performance to rising consumer deposits, lending and credit card sales.

Chief executive Jamie Dimon said: "JP Morgan Chase continued to do well in all our major businesses.

"Outside of energy, both wholesale and consumer credit quality remained very good."

The bank was the first to report in an earnings season set to be scrutinised for any impact from economic turbulence and the UK's 'Brexit' vote.

Quick facts: JPMorgan Chase & Co

Price: 102.88 USD

NYSE:JPM
Market: NYSE
Market Cap: $313.6 billion
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