JPMorgan earnings exceed estimates of higher interest income By Reuters

(Reuters) – JPMorgan Chase & Co Corp. (NYSE: NYSE) on Friday announced a quarterly profit above expectations, driven by higher interest income and gains in the debt advisory and underwriting business, offsetting weak activity negotiation.

US banks' trading desks had a relatively quiet first quarter compared to the previous year, as concerns over inflation and increased trade tensions between the US and China spurred volatility. .

"Even in a climate of global geopolitical uncertainty, the US economy continues to grow, employment and wages are rising, inflation is moderate, financial markets are healthy and the confidence of the US is growing. consumers and businesses remains strong, "said General Manager Jamie Dimon.

The investment bank's total revenues increased by 10%, thanks to debt and advisory fees. The weakness of bond transactions resulted in a 10% decrease in adjusted trading revenues and detracted from the Bank's total banking and investment banking business.

The bank's shares rose 2.3% early in the session.

Overall revenues increased 4.7% to $ 29.85 billion. Analysts were expecting a turnover of $ 28.44 billion, according to Refinitiv's IBES data.

According to the assets of the largest US bank, net income reached $ 9.18 billion, or $ 2.65 per share, in the first quarter ended March 31, compared to $ 8.71 billion, or 2.37 billion dollars. dollars a share, a year ago. Analysts had an estimated profit of $ 2.35 per share, according to Refinitiv's IBES data

Net interest income rose 8% to $ 14.60 billion, thanks to higher rates since the first quarter of last year.

The results of JPMorgan give the go-ahead to the results of the big banks and are closely watched by investors in order to gather information on the health of the US economy and the financial system.

Wells Fargo (NYSE :), the fourth-largest US bank in terms of assets, is expected to release its quarterly results later in the day.