JPMorgan beats estimates on better-than-expected credit costs, trading revenue

U.S. banking giant JPMorgan Chase has posted profit and revenue that bettered Wall Street estimates tapping better-than-expected credit costs and trading revenue.

JPMorgan reported earnings at $4.44 per share, beating the $4.11 estimate. The bank’s revenue also came in at $42.55 billion, beating the expected $41.85 billion.

The bank said first quarter profit rose 6% to $13.42 billion, or $4.44 per share, from a year earlier, boosted by its takeover last year of First Republic during the regional banking crisis.

Revenue rose 8% to $42.55 billion as the bank generated more interest income thanks to higher rates and larger loan balances.

The biggest U.S bank by assets also posted a $1.88 billion provision for credit losses in the quarter, far below the $2.7 billion expected by analysts.

Shares of JPMorgan have jumped 15% this year, outperforming the 3.9% gain of the KBW Bank Index.

Wells Fargo, Citigroup, Goldman Sachs, Bank of America and Morgan Stanley are all scheduled to report next week.

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