JPMorgan Chase & Co. (NYSE:JPM) reported earnings on Friday that beat on both the top and bottom line, with a big jump in profitability on the back of strong trading results and an improving interest-rate environment.
The bank reported first quarter March 2018 earnings of US$2.37 per share on revenue of US$32.3bn. The Earnings Whisper number was US$2.31 per share. There was plenty of good news in J.P. Morgan's quarterly earnings report with revenue growing 16.8% on a year-over-year basis.
J.P Morgan shares were up over 1% at US$114.60 in pre-market trading.
Bank earnings season kicked off Friday with J.P Morgan, Citigroup, and Wells Fargo reporting first-quarter results.
Markets revenue grew overall by 7%, excluding items, helped by a 25% growth in stock trading.
"2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year," J.P Morgan CEO Jamie Dimon said in a statement.
"The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth," added Dimon.