JPMorgan Chase (JPM), the biggest U.S. bank, has reported record first-quarter revenue of nearly $40 billion U.S. due to higher interest rates charged on its loans.
The New York-based bank reported adjusted earnings of $4.32 U.S. per share versus $3.41 U.S. a share that had been expected by Wall Street analysts, according to Refinitiv data.
JPMorgan Chase’s Q1 revenue came in at $39.34 billion U.S. versus $36.19 billion U.S. that had been forecast among analysts who cover the bank.
The bank’s Q1 earnings were particularly strong coming after the recent collapse of two regional lenders in America — Silicon Valley Bank and Signature Bank.
The Q1 results from JPMorgan Chase kick-off earnings season in the U.S. and are viewed as an informal bellwether for the health of the U.S. economy.
JPMorgan Chase’s stock was up 6% in premarket trading immediately after the Q1 earnings were made public. Prior to today, the bank’s share price had risen 2% over the past 12 months to trade at $128.99 U.S. per share.