The beat was driven by gains across most business lines, with higher interest rates benefitting most of the bank's businesses.
JPMorgan said Friday that it earned $8.32 billion in the first quarter, or $2.29 a share, up from $7.03 billion, or $1.82 a share, in the same period a year earlier. The results from the New York-based bank beat analysts' expectations for earnings of $2.22 a share. While pretax profits rose by $823 million, saw its tax bill drop by roughly 17 percent in the quarter compared to a year earlier.
Earlier this week, Dimon was quoted in an Italian newspaper saying that U.S. business executives have warned U.S. President Donald Trump that the impact of trade tariffs on economic growth could offset the benefits of tax cuts. The bank grew loans and assets, and with higher interest rates, was able to charge borrowers more money.
Shares of the largest US bank by assets were up 1 per cent in premarket trading.
"We see good global economic growth, particularly in the USA, where consumer and business sentiment is high", JPMorgan CEO Jamie Dimon said in a statement.
JPMorgan's quarterly reports are closely watched for signs about the health of consumers and businesses as the lender plays a major role in several businesses, such as home mortgages, commercial lending and asset management.
Net interest income rose 10 per cent as the U.S. Federal Reserve raised benchmark interest rates four times since the second quarter of 2017.
Adjusted net income: $8.32 billion, a record high, up 18% from previous year when results benefited from a legal settlement.
Overall, the bank's revenue rose 6.5 per cent to $28.39 billion and topped the average analyst estimate of $27.36 billion, driven by growth in all four of the bank's businesses. Citigroup and Wells Fargo are reporting their results also on Friday, and next week Bank of America, Goldman Sachs and Morgan Stanley will report their results.
JPMorgan shares were up 1 percent in premarket trading to $107.70. They are basically flat for the year.