JPMorgan registers better than expected net profit, stock jumps
JPMorgan Chase and Co has reported 12 percent rise in net profit for the first quarter. The biggest bank in the United States by assets has managed to increase the revenue from stock and bond trading for the first time since 2010. JPMorgan Chase reported $5.91 billion profit ($1.45 per share) compared to $5.27 billion reported for the same quarter last year.
With the strong results, Chairman and CEO James Dimon will be able to silence some of the investors urging the group to split different divisions to unlock value. The financial services major reported 4.1 percent increase in revenue at $24.82 billion.
JPMorgan Chase has registered higher profit for all the four major business segments. During the first quarter, the trading revenue was up by 9 percent to $5.67 billion. Stock trading revenue went up by 22 percent. The merger advisory business registered 42 percent increase. Bond trading segment registered 4.5 percent increase in revenue during the quarter compared to same period last year.
JPMorgan reported 11 percent increase in asset management profit at $502 million. The bank now manages assets worth $1.8 trillion, marking an increase by $111 billion.
Market analysts have offered positive rating to JPMorgan Chase stock after the recently published results came as a positive surprise. JPMorgan Chase stock closed at $63.04, up by 1.56 percent. In the afterhours trading, the stock was marginally higher at $63.18.
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