JPMorgan Chase reports record revenue | CNN Business

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JPMorgan Chase

(JPM) on Friday reported first-quarter profit and revenue that roundly beat expectations.

The New York-based bank posted a profit of $12.6 billion or $4.10 per share. That’s up from $8.3 billion, or $2.63 per share from the same period a year before, or 52%. Analysts expected earnings of $3.41 per share, according to Refinitiv.

With $3.67 trillion in assets, JPMorgan Chase is the largest bank in the United States and a bellwether for the US economy.

“The US economy continues to be on generally healthy footings — consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds that we have been monitoring for the past year remain on the horizon,” CEO Jamie Dimon said in a press release.

Deposits rose to $2.38 trillion during the first quarter from $2.34 trillion in the quarter ended in December. That comes after last month’s banking meltdown triggered a rush into big banks from nervous customers. Investors also looked to money market funds as a haven.

A key point of conversation after last month’s turmoil has been whether banks would tighten lending standards, leading customers to spend less as it becomes more difficult to borrow money for large purchases like homes and cars.

“Financial conditions will likely tighten as lenders become more conservative, and we do not know if this will slow consumer spending,” Dimon said, adding that JPMorgan Chase is “confident that we can serve the needs of our customers and clients in all environments.”

Shares of JPMorgan Chase climbed 6.1% in pre-market trading. The company’s post-earnings conference call is slated for 8:30 a.m. ET.

This story is developing and will be updated.