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This article was published April 14, 2015 at 14:04.
NEW YORK – JP Morgan, the first major US bank to report the quarterly budget starting in 2015, has scored new growth due to improved results from trading, driven by the new climate of market volatility.
The US banking giant beat expectations with profits up 12% to 5.91 billion dollars, equivalent to $ 1.45 per share against 1.40 expected and 1.28 last year. The revenues are also increased, to 24.4 billion compared to 23.86 a year ago, and have exceeded estimates.
The revenue from trading – the division that had been crucial performance in the past but it was later transformed into a ballast in front of the low volatility of the markets – have risen by 12% to 5.67 billion. Higher volatility means higher volumes of exchanges and transactions from customers, with positive repercussions for the fees banks. Only the square currency the dollar gained 10% against the euro during the first three months of the year.
In March the bank had been promoted, as most major US financial institutions, by the stress tests of the Federal Reserve, getting the green light to its plan for capital deployment including an increase in the dividend to 0.44 dollars per share from 0.40 to 6.4 billion repurchase of own securities by June next year. But continued to be the focus of controversy, with pressure from some shareholders to spin-offs and divestitures and cost reduction plans launched by leaders led by Jamie Dimon. The title, in front of the strong balance sheet, in the pre-market responded gaining about 1 percent.
The other American banks will now follow suit, and may have benefited from the same trends. After Wells Fargo, which reports in turn accounts today, it will be in a week Citigroup, Bank of America and Goldman Sachs and Morgan Stanley to next Monday. According to analysts, the six largest banks together could have recorded profits of approximately $ 22 billion in the quarter, compared to 17.71 billion last year. Even if the data will be spoiled by the expected results for Bank of America, which a year ago contabilizzò charges for six billion dollars related to legal costs.
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