The American bank JPMorgan Chase achieved record results in the first quarter. The higher interest rates in the United States were the main beneficiaries. This is according to figures from the largest bank in the US measured by assets.
Revenues amounted to nearly $ 29.9 billion, an increase of 5 percent compared to a year earlier. Net profit amounted to barely $ 9.2 billion, which also implies an increase of 5 percent. JPMorgan also managed to capitalize on more lending to consumers and businesses thanks to the strong US economy. The bank did, however, see the proceeds from trading in bonds and shares decrease.
CEO Jamie Dimon spoke in an explanation of good performance at all parts of the financial group. Despite certain geopolitical tensions, the American economy continues to grow, with high confidence from consumers and companies. The financial markets are healthy, says Dimon.
The US Federal Reserve raised interest rates four times last year, and banks like JPMorgan are reaping the benefits. JPMorgan’s results were better than the average analysts on Wall Street expected.
Industry companion Wells Fargo announced that profit in the first quarter rose to $ 5.9 billion from $ 5.1 billion a year earlier. The turnover of the largest mortgage provider in the US fell to $ 21.6 billion.
JPMorgan is really kicking off the quarterly season in New York with its figure publication. Next week will include Citigroup, Bank of America, Goldman Sachs and Morgan Stanley.