JPMorgan profits rise beyond expectations in the first quarter

 
Sarah Spickernell
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It is the second time the bank has beat estimates in almost two years (Source: Getty)

During the first financial quarter of 2015, JPMorgan's profits reached $5.9bn (£4bn) – a 12 per cent increase on last year's figure of $5.3bn.

This was equivalent to $1.45 per share, which beat analyst expectations of $1.41 per share. Revenue was also up, at $24.8bn – a rise of four per cent.
It's the second time in seven consecutive quarters the bank has beaten estimates, indicating it is finally making some recovery from the expenses incurred from legal and regulatory problems.
Investors' reactions were reasonably muted, sending share price up one per cent in pre-market trading.
According to the bank, which is the biggest on Wall Street, the improved performance was the result of better trading revenues.
“We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time,” chief executive Jamie Dimon said in a statement.
The results were also helped by volatility across fixed-income and currency markets, including an economic slowdown in the US and the European Central Bank's new quantitative easing programme.

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