But revenue fell at the two banking giants. And a popular measure to gauge lending activity also showed that JPMorgan isn't making enough loans to spur significant economic growth, sowing doubts about its ability to continue posting record earnings.
JPMorgan’s first-quarter profit surged 33 percent year-on-year to $6.5 billion, bolstered by gains in its investment bank and the division housing its chief investment office, which was responsible for significant trading losses in the same period last year by a group of traders led by the so-called "London Whale." The combined $1.8 billion increase in earnings for the two divisions offset the $350 million decrease in the bank’s consumer unit, which reduced lending and reported lower margins and revenues.
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