J.P. Morgan rises on record earnings and revenues

J.P. Morgan Chase Bank announced record first-quarter earnings and revenues that exceeded analysts' expectations, as the bank took advantage of the rise in interest rates last December.

The bank's earnings rose 5% to $9.18 billion ($2.65 per share), compared to analysts' expectations of $2.35 a share.

The American bank quarterly revenues rose also by 5% to $29.9 billion in the first quarter of this year, exceeding expectations by almost $1.5 billion.

J.P. Morgan Chase CEO, Jamie Dimon, said in a statement that the bank had record revenue and net income, strong performance across each of its major businesses, amid some global geopolitical uncertainty, strong competition, in addition to the rise in wages and jobs in the US.

J.P. Morgan, the largest US bank by assets, is the first major lender to report quarterly earnings for the first quarter.

Analysts say the results of JPMorgan posted strong data supported by the Federal Reserve's interest rate increase at the December meeting, which was the fourth time the Feds raised rates in 2018.

In terms of trading, JPMorgan jumped by 4.1% to $110.6 at 19:12 GMT, and recorded a day high of $111.8 and a low of $108.8.