US investment bank JP Morgan beat expectations in its first quarter results today, sending shares up four per cent.
The bank, the largest in the US by assets, delivered record revenue and profit figures, boosted by higher interest rates.
Revenue in the quarter to 31 March rose 4.7 per cent to $29.85bn (£22.84bn), up from $27.9bn the previous year.
Analysts had expected revenue of $28.44bn, according to data from Refinitiv.
Profit jumped five per cent to $9.18bn or $2.65 per share, up from $8.71bn, or $2.37 per share the previous year.
Analysts had estimated earnings of $2.35 per share, according to data from Refinitiv.
Net interest income increased eight per cent to $14.6nm, helped by interest rate increases since the first quarter of last year.
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JP Morgan is the first of the big US banks to report its results, in a closely watched measure of the health of the US economy.
Jamie Dimon, chairman and chief executive, said: “Even amid some global geopolitical uncertainty, the US economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.”