J.P. Morgan Chase generated a profit of 16.5 billion dollars in the first quarter. Compared to the previous year, this represents an increase of 13 percent and exceeds expectations. Earnings per share rose to 5.94 dollars from 5.07 dollars in the same quarter last year.

A booming trading business delivered surprisingly strong profits for the U.S. bank. As revenues increased more than expected, net income rose year-on-year, the largest U.S. financial institution reported on Tuesday.

Revenue in the Markets division rose by 20 percent to 11.6 billion dollars in the first quarter and was a key driver of the bank’s performance. A similar trend had already emerged yesterday with the results of Goldman Sachs.

Revenues from the fixed-income business increased by 21 percent to 7.1 billion dollars, while equities trading rose by 17 percent to 4.5 billion dollars.

CEO Jamie Dimon pointed to the resilience of the U.S. economy. «The U.S. economy remained resilient during the quarter, as consumers continued to earn and spend income, and businesses remained in good shape. Several positive factors are supporting this resilience, including increased fiscal stimulus, the benefits of deregulation, AI-driven capital investments, and the Fed’s securities purchases.»

However, he also warned about the consequences of wars and conflict-ridden global environment. «At the same time, there are a number of increasingly complex risks — such as geopolitical tensions and wars, energy price volatility, trade uncertainties, high global fiscal deficits, and elevated asset prices. While we cannot predict how these risks and uncertainties will ultimately play out, they are significant and underscore why we are preparing the company for a wide range of environments.»