JPMorgan: posts record earnings, lifting stock
(CercleFinance.com) - JPMorgan Chase & Co shares rose almost 3% in pre-market trading on Friday after the US bank reported record first-quarter earnings.
Net income rose 5% to 9.18 billion dollars over the first three months of the year. JPMorgan said it earned 2.65 dollars per share, beating the consensus by 30 cents.
Total revenue also increased by 5%, to 29.85 billion dollars.
The decrease in revenue of the group's corporate and investment banking unit (CIB) has been more than offset by the rise of the consumer banking unit, the group said.
JPMorgan said it generated record revenue and net income thanks to strong performance across each of its major businesses, and a "more constructive environment."
"Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong," said chairman and CEO Jamie Dimon.
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