JPMorgan profits and revenue surged in the first quarter

JPMorgan profits and revenue surged in the first quarter

Banking giant JPMorgan Chase (JPM) said first quarter net income and revenue rose from a year ago while its deposits fell, demonstrating the resiliency of the nation’s largest lender as well as the challenges that tested its entire industry in March.

JPMorgan earnings of $12.6 billion were up 52% from the first quarter of 2022. Revenue of $38.3 billion was up 25% from the year-ago period.

JPMorgan kicks off a closely-watched earnings season for the nation’s biggest banks. Citigroup (C), Wells Fargo (WFC) and PNC (PNC) also report results today.

Banks of all sizes will be scrambling over the coming weeks to show investors how they are better positioned than rivals to weather any future turmoil.

JPMorgan shares were up 6.4% in the pre-market following Friday’s earnings release.

JPMorgan wasn’t totally immune from the chaos surrounding the failures of Silicon Valley Bank and Signature Bank. Its deposits fell 7% from a year ago but were up 1.5% from the fourth quarter of 2022.

Even before the turmoil in March, lenders big and small had been losing depositors to money market funds that were willing to offer higher yields as the Federal Reserve boosted interest rates. The outflow of deposits from all of the nation’s banks reached nearly $500 billion last month through March 29, according to recent Fed data.

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