The US bank JP Morgan has recorded a new record in the first quarter of 2019. By far the largest lending institution in the US earned $ 9.2 billion in the first few months of the year. This is an increase of five percent compared to the same quarter of the previous year – and is now more than ever. For comparison: The largest German money house, the German bank, came in the entire year 2018 to a profit of 341 million euros, in dollars at the current rate of about 386 million.
With the profit also increased at JP Morgan, the revenue strong. They climbed over the same period from 26.8 to 29.9 billion dollars – also a new record. In investment banking, bank chief Jamie Dimon was number one in the world, with a market share of almost 10 percent.
Trading business is weakening
With the quarterly figures JP Morgan exceeded analysts' expectations. Only the trading business weakened as expected in the first quarter, while interest business – thanks to the recent rise in key interest rates in the USA – and the advising of corporate clients on IPOs, mergers and acquisitions and the issuance of securities performed very well.
A similar picture should arise for other US banks. They too are likely to report a rather weak quarter, especially in equities and bond trading, as well as Deutsche Bank, also represented in the US, which will be presenting its quarterly figures on April 26. Goldman Sachs, Citigroup, Bank of America and Morgan Stanley are set to enter next week.
JP Morgan boss Dimon was highly satisfied with the business and also with the state of the economy in the United States. "In the midst of a period of global uncertainty, the US economy is growing, employment and wages are rising, inflation is moderate, financial markets are healthy, and consumer and corporate confidence remains strong," Dimon said.