J.P. Morgan Chase on Friday reported record first-quarter profit and revenue that exceeded analysts’ expectations as the bank benefited from higher interest rates.
The company said profit rose 5 percent to $9.18 billion, or $2.65 a share, compared with analysts’ average estimate of $2.35 a share. Revenue also rose 5 percent to $29.9 billion, exceeding estimates by about $1.5 billion as net interest income grew 8 percent, thanks to the “impact of higher rates,” J.P. Morgan said in a release. The boost was evident in the bank’s huge retail lending business, where profit surged 19 percent to $3.96 billion.
