JPMorgan Chase earned $2.14 billion in the first quarter, it said today, thanks to a boost in trading activity and deposits. The profit was 10% lower than last year, but better than expected, boosting hopes for a turnaround. Like other banks, JPMorgan is still seeing loan defaults increase—credit costs amounted to $10 billion, but the company is benefiting from a jump in mortgage refinancing and deposits, as well as low interest rates.
The firm says it earned 40 cents per share on record revenue of $26.9 billion; analysts had predicted a profit of 32 cents per share, according to Thomson Reuters. “We are confident that even a highly adverse economic scenario would not compromise our overall strength and stability—or our ability to enhance our franchises,” said CEO Jamie Dimon.