JP Morgan Chase has released its results for the first quarter of 2019, reporting record profit and revenue.
The results released today by the American investment bank state that profit rose $9.18bn, while revenue amounted to $29.9bn, both increases of 5%.
JP Morgan’s profits were the highest first-quarter return for any US bank ever.
The bulk contribution for the record returns was consumer and community banking, posting an increase in profit of 19%.
JP Morgan’s Corporate and Investment Banking saw an 18% fall in profit from Q1 2018, as Markets revenue fell 17%.
JP Morgan record results see banking stocks surge
CEO Jamie Dimon commented: “In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses and a more constructive environment.”
Dimon went on to conclude that despite political and economic certainties around the world, the US economy is continuing to grow, citing low unemployment, moderate inflation, and strong consumer and business confidence.
This hurts US banking stocks as it points towards an inverted yield curve, and with it a cut in rates – an indicator that the world’s largest economy is heading towards recession.
JP Morgan’s announcement saw a jump in its stock price to a high of $109 in pre-market trading, a 2.5% increase on its closing price from Thursday.
Other US banks, including Goldman Sachs and Morgan Stanley, also enjoyed surges in their trading price after JP Morgan’s record results were announced.