$JPMorgan (JPM.US)$’s first-quarter results soared past expectations, setting the pace for other banks posting earnings over the next few weeks. Its stock rose 5% in premarket trading on Friday.
JPMorgan saw profit climb 52% year over year to $12.6 billion, or $4.10 a share, coming in well-ahead of forecasts of analysts surveyed by FactSet who expected the bank to earn $10.2 billion, or $3.41 a share. Revenue was a record $38.3 billion, up 25% from a year ago and topping estimates of $36.2 billion. The better-than-forecast results were due largely to JPMorgan seeing net interest income hitting $20.9 billion—a 49% increase from last year—as a result of the Federal Reserve’s rapid rate-hiking path over the past year.
