JPMorgan Inches Higher On Q1 Beat

Shares of JPMorgan Chase & Co. JPM gained nearly 1 percent early Thursday morning after the bank reported its first quarter results.

JPMorgan said it earned $1.65 per share in the first quarter on revenue of $25.59 billion; analysts were expecting the company to earn $1.52 per share on revenue of $24.9 billion. Book value per share rose 6 percent from a year ago to $64.68 and tangible book value per share also rose 6 percent to $52.04.

CEO Jamie Dimon commented on the financial results, "We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year. The consumer businesses continue to grow core loans at double digits, outperform the industry in deposit growth, and we once again had very strong card sales volume growth this quarter – reflecting our commitment to providing our customers the innovative products and services they want."

Here is a summary of each unit's performance during the quarter.

• Consumer & Community Banking: Revenue of $10.97 billion versus $11.117 billion a year ago. Net income of $1.988 billion versus $2.49 billion.
• Corporate & Investment Bank: Revenue of $9.536 billion versus $8.135 billion a year ago. Net income of $3.241 billion versus $1.979 billion.
• Commercial Banking: Revenue of $2.018 billion versus $1.803 billion a year ago. Net income of $799 million versus $496 million.
• Asset & Wealth Management: Revenue of $3.087 billion versus $2.972 billion a year ago. Net income of $385 million versus $587 million.
• Corporate: Net income of $35 million versus a net loss of $32 million a year ago.

See Also:

Leveraged Bank ETFs Step Into Earnings Spotlight

Fast Money Traders Share Their Picks Ahead Of Bank Earnings