JPMorgan profit surges 52% on robust consumer business

(Reuters) – JPMorgan Chase & Cos profit climbed in the first quarter as higher interest rates boosted its consumer business in a period that saw two of the biggest banking failures in U.S. history.

The banks profit increased 52% to $12.62 billion, or $4.10 per share, in the three months ended Mar. 31.

JPMorgans solid performance follows the high-profile shutdowns of three U.S. lenders last month in the worst banking turmoil since the global financial crisis of 2008.

Regulators took control of Silicon Valley Bank (SVB) and Signature Bank as depositors yanked their funds, marking the second and third largest collapses in U.S. history.

JPMorgan set aside provisions of $2.3 billion, up 56% from last year.

Revenue at the lenders consumer and community banking unit rose 80% to $5.2 billion. Its Wall Street investment banking business was weighed down by tepid markets for mergers, acquisitions and stock sales.

(Reporting by Niket Nishant in Bengaluru and Nupur Anand in New York; Editing by Lananh Nguyen and Saumyadeb Chakrabarty)