JPMorgan reports higher Q1 profits
Apr 14, 2017-
JPMorgan Chase reported higher first-quarter profits on Thursday, driven by a strong performance in its corporate and investment bank division, including in trading. Net income for the quarter ending March 31 was $6.5 billion, up 16.8 percent from the year-ago period. Revenues were $25.6 billion, up 6.2 percent. Earnings growth was driven in large part by JPMorgan’s corporate and investment banking business due to higher debt and equity underwriting fees and gains in trading revenues tied to fixed income and the trading of other products. This division also benefited from a favorable comparison to the year-ago period, when JPMorgan set aside large reserves in case of defaults in the oil and gas business following a slump in oil prices at the time.
Published: 14-04-2017 09:36