April 14 (Reuters) – JPMorgan Chase & Co’s (JPM.N) revenue climbed within the first quarter as increased rates of interest boosted its shopper enterprise in a interval that noticed two of the most important banking failures in U.S. historical past.
The financial institution’s revenue elevated 52% to $12.62 billion, or $4.10 per share, within the three months ended Mar. 31.
JPMorgan’s stable efficiency follows the high-profile shutdowns of three U.S. lenders final month within the worst banking turmoil for the reason that international monetary disaster of 2008.
Regulators took management of Silicon Valley Financial institution (SVB) and Signature Financial institution as depositors yanked their funds, marking the second and third largest collapses in U.S. historical past.
JPMorgan put aside provisions of $2.3 billion, up 56% from final 12 months.
Income on the lender’s shopper and neighborhood banking unit rose 80% to $5.2 billion. Its Wall Avenue funding banking enterprise was weighed down by tepid markets for mergers, acquisitions and inventory gross sales.
Reporting by Niket Nishant in Bengaluru and Nupur Anand in New York; Modifying by Lananh Nguyen
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