JPM JP Morgan Chase and Co

By Emily Glazer and Peter Rudegeair 

J.P. Morgan Chase & Co. said its first-quarter profit rose as a boost from lending helped results for the nation's biggest bank by assets.

The New York bank reported a profit of $6.45 billion, or $1.65 a share. That compares with a profit of $5.52 billion, or $1.35 a share, in the same period of 2016. Analysts polled by Thomson Reuters had expected earnings of $1.52 a share.

Revenue rose to $25.59 billion. Analysts had expected $24.88 billion.

J.P. Morgan, run by Chairman and Chief Executive James Dimon, is one of a trio of big banks kicking off the first-quarter earnings season for U.S. financial institutions, offering investors a snapshot of a quarter that analysts expect will be characterized by softer loan growth. Also, with expected regulatory loosening not yet forming into definitive changes, higher U.S. interest rates are the most concrete benefit to banks in early 2017.

Since the election, shares are up 22% alongside a 19% jump in the KBW Nasdaq index of bank stocks.

After a volatile 2016, large U.S. banks' stocks came roaring back after the election, especially as the Trump administration nominated people with deep Wall Street experience to key posts. But with no action yet, they haven't risen further.

Write to Emily Glazer at emily.glazer@wsj.com and Peter Rudegeair at Peter.Rudegeair@wsj.com

(END) Dow Jones Newswires

April 13, 2017 06:57 ET (10:57 GMT)

JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Aug 2024 to Sep 2024

JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Sep 2023 to Sep 2024