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The financial giant was the first major financial company to report its financial data for the first quarter of the fiscal year, beating all initial EPS forecasts and exceeding all revenue and net profit expectations.
The company's profit rose with 5% to 9.18$ Billion, which attributes to a total of 2.65$ earnings per share, whereas the initial expectation was for just 2.34$. The company's revenue rose by 5% as well to 29.9$ billion, which surprised investors and caused the company's stock to open with 2.84% higher in the pre-market trading session.
CEO Jamie Dimon attributed the overwhelmingly positive data to the high interest rates, that are currently part of the FED's monetary policy. As a financial institution from that calibre, JPMorgan Chase benefits a great deal from higher interest rates and its lending to its client-borrowers.
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