JPMorgan profit up 16.8 % as bank makes more loans

Trading rose across Wall St as investors changed positions on Brexit and US election

JPMorgan Chase & Co’s net income rose to $6.45bn  in the first quarter ended March 31st, from $5.52bn   a year earlier. Photograph: iStock

JPMorgan Chase & Co’s net income rose to $6.45bn in the first quarter ended March 31st, from $5.52bn a year earlier. Photograph: iStock

 

JPMorgan Chase & Co, the biggest US bank by assets, reported a 16.8 per cent rise in quarterly profit on Thursday as the bank made more loans and racked up additional revenue from increased trading.

The bank’s net income rose to $6.45 billion (€6bn) in the first quarter ended March 31st from $5.52 billion (€4.9bn) a year earlier. Earnings per share rose to $1.65 from $1.35.

Analysts had expected earnings of $1.52 per share, according to Thomson Reuters. It was not immediately clear if the reported results were comparable.

Trading increased across Wall Street over the past year as investors changed their positions around the Brexit vote, the US elections and the Federal Reserve’s hikes in interest rates.

Customers also borrowed more as the economy expanded, though the pace of loan growth has slackened somewhat recently.

Wells Fargo & Co and Citigroup are also scheduled to report results on Thursday. – Reuters