New York (CNN) JP Morgan Chase (JPM) First-quarter profit and revenue on Friday completely beat expectations.
The New York-based bank posted a profit of $12.6 billion, or $4.10 per share. That was $8.3 billion, or $2.63 per share, up 52% from the same period a year earlier. Analysts were expecting earnings of $3.41 per share, according to Refinitiv.
With $3.67 trillion in assets, JPMorgan Chase is America’s largest bank and the bellwether of the US economy.
“The US economy continues to be in generally healthy conditions – consumers are still spending and have strong balance sheets, and businesses are in good shape. However, the storm clouds we’ve been tracking for the past year are on the horizon,” CEO Jamie Dimon said in a press release.
Deposits rose to $2.38 trillion in the first quarter from $2.34 trillion in the quarter ended December. It comes after last month’s banking collapse sparked 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 was whether banks would tighten credit standards, making it harder to get loans for big purchases like homes and cars, leading consumers to spend less.
“Financial conditions will tighten as lenders become more conservative, and we don’t know if that will slow consumer spending,” Dimon said, adding that JPMorgan Chase “is confident that we will be able to serve the needs of our clients and customers in all environments.”
Shares of JPMorgan Chase rose 6.1% in premarket trading. The company’s post-earnings conference call is scheduled for 8:30 a.m. ET.
This story is developing and will be updated.