JPMorgan Chase Reports Record Revenue

JPMorgan Chase (JPM) last week reported first-quarter profit and revenue that roundly beat expectations, Krystal Hur reported for CNN.

Photo Insert: With $3.67 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy.

The New York-based bank posted a profit of $12.6 billion or $4.10 per share. That’s up from $8.3 billion, or $2.63 per share from the same period a year before, or 52%.

Analysts expected earnings of $3.41 per share, according to Refinitiv. With $3.67 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy.

“The US economy continues to be on generally healthy footings — consumers are still spending and have strong balance sheets, and businesses are in good shape.

However, the storm clouds that we have been monitoring for the past year remain on the horizon,” CEO Jamie Dimon said. Deposits rose to $2.38 trillion during the first quarter from $2.34 trillion in the quarter that ended in December.

That comes after last month’s banking meltdown triggered a rush into big banks from nervous customers. Investors also looked to money market funds as a haven.

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