JPMorgan Chase & Co reported substantially higher first-quarter earnings on Wednesday, as the largest U.S. bank released more reserves and was aided by a blowout quarter from its trading desks and soaring investment banking fees, Reuters reports.
JPMorgan, widely seen as a barometer of the health of the broader U.S. economy, was also helped by favorable comparisons to last year when the pandemic forced the bank to build reserves against the risk of a wave of loan defaults.
Net income climbed to US$14.3 billion, or US$4.50 per share, in the quarter ended March 31, from US$2.9 billion, or 78 US cents per share, a year earlier.
Revenue jumped by 14 percent to US$33.1 billion.
