Three of the largest US banks reported higher than expected profits on Wednesday, fuelled by breakneck growth in investment banking fees, buoyant capital markets and lower credit costs due to an improving economy.
But the traditional banking business of taking deposits and making loans continued to grow less profitably and executives warned that the boost to earnings from those activities would likely fade.
JPMorgan Chase, the largest US bank by assets, beat earnings expectations by 21 cents a share, partially driven by a 57 per cent surge in investment banking fees. But its executives told analysts that revenue would likely be flat for the second quarter.
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