JP Morgan beats earning expectations in first quarter

(Source: Reuters)

JP Morgan Chase has posted expectation beating earnings for the first quarter of $25.8bn (slightly above the $25.7bn anticipated). The bank has also increased its dividend by 27 per cent.

Chief executive Jamie Dimon:

We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident. As a result, we reduced the allowance for loan losses in Consumer & Community Banking in the first quarter by a total of $1.2 billion and are likely to see further releases. Credit conditions were also favorable across the wholesale loan portfolios.