Shares of J.P. Morgan Chase & Co. JPM, +0.84% surged 2.3% in premarket trade Friday after the banking giant reported first-quarter profit and revenue that rose above expectations, although fixed income and equity markets revenue fell. Net income rose to $9.18 billion, or $2.65 a share, from $8.71 billion, or $2.37 a share, in the same period a year ago. The FactSet earnings-per-share consensus was $2.35. Total revenue increased to $29.85 billion from $28.52 billion, above the FactSet consensus of $28.44 billion. Net interest income grew 8% to $14.6 billion, topping the FactSet consensus of $14.4 billion. Revenue for the consumer & community banking and corporate & investment bank business beat expectations, commercial banking revenue was inline and asset & wealth management revenue missed. Excluding a year-ago gain from an accounting change, markets reevnue fell 10%, as fixed income market revenue declined 8% and equity markets revenue slid 13%. “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong,” said Chief Executive Jamie Dimon. The stock has rallied 8.8% year to date through Thursday, while the SPDR Financial Select Sector ETF XLF, +0.60% has climbed 11.9% and the Dow Jones Industrial Average DJIA, -0.05% has advanced 12.1%.

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