JPMorgan profit jumps 13%, trading revenue hits record high

JPMorgan Chase’s first-quarter numbers pointed to a U.S. economy that was still holding up, even as the bank’s chief executive warned that the risk picture was getting tougher. Card spending rose 9% from a year earlier, and delinquencies on loans more than 90 days past due eased to 1.15% from 1.6% a year ago, signs that consumers were still paying and spending through a high-rate environment.

The country’s largest bank by assets said net income climbed to $16.5 billion, or $5.94 a share, from $14.6 billion, or $5.07 a share a year earlier. Revenue reached $49.8 billion, while managed revenue came in at $50.5 billion, both ahead of Wall Street’s expectations of about $5.45 a share and roughly $49.2 billion in revenue.

Much of the quarter’s strength came from markets. JPMorgan said markets revenue hit $11.6 billion, up 20% from a year earlier, with trading activity delivering the bank’s strongest quarterly performance on record. Investment banking fees also improved, adding another boost to the results. The trading surge helped offset some pressure in the broader lending business, where JPMorgan cut its full-year 2026 net interest income guidance to about $103 billion from $104.5 billion.

Jamie Dimon said the economy remained resilient, with consumers still earning and spending and businesses still healthy. He also warned of an “increasingly complex set of risks,” citing geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices. That message gave the quarter a sharper edge: strong earnings, but from a backdrop that could turn more fragile if credit conditions weaken or markets lose momentum.

For investors watching the first major bank reports of the season, JPMorgan’s results served as an early test of whether higher-for-longer rates, volatile markets and a cautious dealmaking environment can keep banking profits elevated without eroding credit quality. So far, the numbers showed resilience. The warning from Dimon suggested the durability of that strength is not guaranteed.