JPMorgan profit surges 52% on robust consumer business (updated)

First Citizens Bancshares (Tennessee)

14/04/2023 11:57

(Adds revenue for consumer and community bank)
       April 14 (Reuters) - JPMorgan Chase & Co's  JPM.N 
profit climbed in the first quarter as higher interest rates
boosted its consumer business in a period that saw two of the
biggest banking failures in U.S. history.
    The bank's profit increased 52% to $12.62 billion, or $4.10
per share, in the three months ended Mar. 31.
    JPMorgan's solid performance follows the high-profile
shutdowns of three U.S. lenders last month in the worst banking
turmoil since the global financial crisis of 2008.
        Regulators took control of Silicon Valley Bank (SVB)
 SIVB.O  and Signature Bank  SBNY.O  as depositors yanked their
funds, marking the second and third largest collapses in U.S.
history.
  
        JPMorgan set aside provisions of $2.3 billion, up 56%
from last year.
  
        Revenue at the lender's consumer and community banking
unit rose 80% to $5.2 billion. Its Wall Street investment
banking business was weighed down by tepid markets for mergers,
acquisitions and stock sales.
  

 (Reporting by Niket Nishant in Bengaluru and Nupur Anand in New
York; Editing by Lananh Nguyen and Saumyadeb Chakrabarty)
 ((Niket.Nishant@thomsonreuters.com;))