Adjusted net income: $8.7 billion, up 35% from last year.
Adjustments:The results included a $505 million gain from “related to the adoption of new recognition and measurement accounting guidance for certain equity investments previously held at cost.” That added $0.11 in earnings per share.
Consumer and community banking:Net income increased 67% to $3.3 billion, on revenue of $5.7 billion, as the bank benefitted from higher rates.
Corporate and investment banking: Net income was up 23% to $4.0 billion, on revenue of $10.5 billion. That was in part driven by accounting adjustments in the markets business. Excluding those gains, markets revenues were up 7%. Banking revenues fell slightly, down 3%.
Commercial banking: Net income was up 28% to $1 billion, driven by higher net interest income.
Asset and wealth management: Net income was $770 million, up 100% from a weak period a year earlier.
“2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year,” JPMorgan CEO Jamie Dimon said in a statement.
The fourth-quarter of 2017, by comparison, was noisy and uneven thanks in part to the new tax law, which caused many banks to book one-time losseson repatriated cash and deferred tax assets that declined in value.