The Daily Item, Sunbury, PA

Business

April 13, 2013

JPMorgan Shows Strength in Quarter

BUSINESS — JPMorgan Chase, the nation’s largest bank, reported a 33 percent rise in first-quarter earnings on Friday, bolstered by gains in the investment banking business and a surge in mortgage lending.

“All our businesses had strong performance, and our client franchises did exceptionally well,” Jamie Dimon, the bank’s chief executive, said in a statement. As the economy recovers slowly, demand for loans remained stagnant. JPMorgan said total loans at the bank fell 1 percent. Yet gains from investment banking allowed JPMorgan to record 12 consecutive quarters of profit.

 

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