JPMorgan: 'U.S. consumers and businesses are healthy'
JPMorgan Chase (JPM) CEO Jamie Dimon gave an upbeat view of the U.S. economy in the bank’s earnings report on Thursday.
“U.S. consumers and businesses are healthy overall and with pro-growth initiatives and improving collaboration between government and business, the U.S. economy can continue to improve,” Dimon said in the firm’s release. “We will be there to do our part, strong and steadfast in good times and bad, and working every day to support our clients and our communities.”
The largest U.S. bank by assets, JPMorgan kicked off earnings season for financials reporting better-than-expected first-quarter earnings per share of $1.65, beating analysts estimates of $1.52. Revenue came in at $25.6 billion.
Dimon noted that the consumer businesses continued to grow. During the quarter, the bank had $622.9 billion in deposits, up 11% year-over-year. Loans increased 5% to $466.8 billion.
“The consumer businesses continue to grow core loans at double digits, outperform the industry in deposit growth, and we once again had very strong card sales volume growth this quarter – reflecting our commitment to providing our customers the innovative products and services they want,” Dimon said.
Revenues from investment banking jumped 34% year-over-year to $1.65 billion on an increase in debt and equity underwriting activity. Fixed income trading jumped 17% to $4.2 billion, while equity trading revenue climbed 2% to $1.6 billion.
Citigroup (C) and Wells Fargo (WFC) are slated to report on Thursday morning.
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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
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