The nation's largest bank by assets reported net income of
As expected, JPMorgan's bottom line benefited directly from the
Interest income rose
The bank also reported solid loan growth in the quarter across both its consumer and business lending businesses.
“We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year,” JPMorgan CEO
JPMorgan's investment banking division also did well, reporting net income of
One area that investors will watch in coming months is JPMorgan's credit card business. In recent months, JPMorgan has introduced new products and executives have talked openly about “opening up the credit box,” which is banker talk for lending money to people with lower credit scores. It opens JPMorgan to issue credit cards to potentially more customers, but at the same time, exposes the bank to more risk.
Average credit card loans at JPMorgan rose to
JPMorgan's stock rose