JPMorgan Chase & Co has today reported a better-than-expected quarterly profit, as higher interest income and gains in the bank's advisory and debt underwriting business offset weakness in trading.
Trading desks at US banks had a relatively quiet first-quarter, compared with a year-earlier.
Last year worries over inflation and heightened trade tensions between the US and China had led to a spike in volatility.
"Even amid some global geopolitical uncertainty, the US economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong," the bank's chief executive Jamie Dimon said.
JP Morgan Chase's total investment banking revenue rose 10%, boosted by debt underwriting and advisory fees.
Weak bond trading dragged overall adjusted trading revenue down 10% and hurt total revenue from the bank's corporate and investment banking business.
Its overall revenue rose 4.7% to $29.85 billion.
Analysts had expected revenue of $28.44 billion, according to IBES data from Refinitiv.
JPMorgan's results kickoff earnings for the big banks and is closely watched by investors for cues on the health of the US economy and the financial system.
The largest US bank by assets said net income rose to $9.18 billion, or $2.65 per share, in the first quarter ended March 31, from $8.71 billion, or $2.37 per share, a year earlier.
Net interest income rose 8% to $14.60 billion, boosted by rate increases since the first quarter of last year.
Analysts had estimated earnings of $2.35 per share, according to IBES data from Refinitiv.
Wells Fargo, the fourth biggest US bank by assets, also today reported a 16.4% jump in quarterly profit, as it reaped the benefits of its aggressive cost-cutting efforts.