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JPMorgan profits and revenue surged in the first quarter

JPMorgan profits and revenue surged in the first quarter

The nation's largest lender, JPMorgan Chase (JPM), showed resilience in the face of headwinds that taxed its whole sector in March by reporting first quarter net income and revenue increases while seeing a decline in deposits.

Earnings at JPMorgan increased by 52% from the first quarter of 2022 to $12.6 billion. Revenue of $38.3 billion increased by 25% over the same time last year.

A highly anticipated earnings season for the top banks in the country begins with JPMorgan. Also releasing earnings today are Citigroup (C), Wells Fargo (WFC), and PNC (PNC).

In the upcoming weeks, banks of all sizes will be pressed into action to convince investors that they are better equipped than their competitors to withstand any potential unrest.

Following the announcement of the earnings on Friday, JPMorgan shares increased 6.4% in the pre-market.

The commotion caused by the collapses of Silicon Valley Bank and Signature Bank didn't completely spare JPMorgan. Although they were up 1.5% from the fourth quarter of 2022, their deposits were down 7% from a year earlier.

Large and small lenders alike had been losing depositors to money market funds before the unrest in March because they were willing to give greater payouts as the Federal Reserve raised interest rates. According to latest figures from the Fed, the outflow of deposits from all of the country's banks last month through March 29 was close to $500 billion.