JPMorgan Chase See Profits Skyrocket Despite Banking Crisis

JPMorgan Chase See Profits Skyrocket Despite Banking Crisis

JPMorgan Chase , See Profits Skyrocket , Despite Banking Crisis.

ABC News reports that JPMorgan Chase posted a 52% leap in first-quarter profits following the failure of Silicon Valley Bank and Signature Bank last month.

ABC News reports that JPMorgan Chase posted a 52% leap in first-quarter profits following the failure of Silicon Valley Bank and Signature Bank last month.

JPMorgan posted a profit of $12.62 billion, compared to a profit of just $8.28 billion at the same time last year.

Following the collapse of the smaller banks, JPMorgan saw deposits noticeably grow as businesses and customers flocked to the financial institution.

Higher interest rates also allowed the banking titan to charge customers more for loans.

ABC reports that the bank's net interest income was $20.8 billion, a 49% increase from the same time last year.

Both Citigroup and Wells Fargo also showed solid results on April 14.

Both Citigroup and Wells Fargo also showed solid results on April 14.

ABC reports that the news suggests that the nation's biggest, most complex financial institutions may be spared from potential trouble in the banking sector.

These were the most watched bank earnings announcements in over a decade, with market participants scouring the results looking for signs of cracks in the U.S. banking sector.

, Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.

These were the most watched bank earnings announcements in over a decade, with market participants scouring the results looking for signs of cracks in the U.S. banking sector.

, Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.

Those analysts looking for signs of the banking crisis were greatly relieved to not find any, Octavio Marenzi, CEO of consulting firm Opimas LLC, via ABC.

Also exceeding analysts' expectations, on a per-share basis, the bank earned $4.10 a share, up from last year's $2.63.