JPMorgan (NYSE:JPM) shares surged more than 7% on Friday after the company reported its Q1 results, with EPS coming in at $4.10, better than the Street estimate of $3.41. Revenue was $38.3 billion, beating the Street estimate of $36.13 billion.
While the rest of the industry experienced a 3% decrease in Q1, JPMorgan gained $50 billion in deposits. J.P. Morgan’s performance highlights the ability of large banks to withstand industry disruptions. The bank’s extensive variety of businesses and immense assets enabled it to endure a crisis that impacted smaller and regional lenders.
The bank’s net interest income, which measures the difference between the interest it pays to depositors and the interest it charges for loans, went up by 49%, resulting in a 52% increase in overall profits.
Additionally, the bank raised its estimates for net interest income to $81 billion for this year, not including market profits, up from the previous estimate of $74 billion.