JP Morgan Beats Q1 Expectations

reported stronger-than-expected results for its first quarter on Tuesday. The New York-based bank posted a quarterly profit of $5.91 billion, or $1.45 per share, versus a year-ago profit of $5.27 billion, or $1.28 per share. The recent quarter benefited from tax adjustments of $177 million, versus a tax charge of around $90 million in the earlier year. Its revenue climbed $967 million from the year-ago quarter to $24.82 billion. However, analysts were expecting a profit of $1.40 per share on revenue of $24.50 billion. Net revenue for Consumer & Community Banking segment rose $170 million versus the year-ago quarter to $10.7 billion, while Commercial Banking net revenue gained $64 million to $1.7 billion. Asset Management net revenue surged $205 million to $3.0 billion in the quarter. Net interest income came in relatively flat versus the year-ago period to $11.0 billion, while noninterest expense rose $247 million to $14.9 billion. The company's board announced its plans to lift the quarterly dividend in the second quarter to $0.44 per share versus the current $0.40 per share. Jamie Dimon said, "JPMorgan Chase continues to support consumers, businesses and communities and make a significant positive impact. We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time. We continue to build the company for the long-term, we are investing in controls, infrastructure, systems, technology, new products and bankers. We will continue to navigate challenges and deliver for our clients, shareholders and communities." The average estimate among 78 Estimize users was for earnings of $1.37 per share and revenue of $24.22 billion. JP Morgan shares rose 1.50 percent to $63.00 in pre-market trading.