Arab Today, arab today jpmorgan earnings jump on trading and investment banking results
Last Updated : GMT 09:27:54
Arab Today, arab today
Arab Today, arab today

JPMorgan earnings jump on trading and investment banking results

Arab Today, arab today

Arab Today, arab today JPMorgan earnings jump on trading and investment banking results

JPMorgan Chase's quarterly
New York - AFP

JPMorgan Chase's quarterly earnings rose Tuesday on better investment banking and trading results and higher overall revenues.

Net income for the first quarter was $5.9 billion, up 12.2 percent from the year-ago period.

Profits in corporate and investment banking surged 19.4 percent, thanks in part to a recovery in trading segments for equities, fixed income and foreign exchange.

The bank said its trading performance benefited from "macro events," which drove fluctuations in the dollar and other currencies that can lead to more trading.

Consumer and community banking was also strong, jumping 12 percent in part due to higher income in mortgage banking. One reason was lower risk management losses tied to real estate compared with the prior year.

"We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time," said chief executive Jamie Dimon.

"We continue to build the company for the long-term, we are investing in controls, infrastructure, systems, technology, new products and bankers."

Overall bank revenues rose 4.1 percent to $24.82 billion, more than the $24.41 billion projected by analysts.

Net income  translated into $1.45 per share, five cents above analyst forecasts.

JPMorgan shares rose 1.7 percent to $63.10 in pre-market trade.

 

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