JPMorgan Chase's latest quarterly report shows the banking giant is still the dominating force within the banking sector, CLSA analyst Mike Mayo said Thursday.
Despite reducing its assets by over $200 billion last year, JPMorgan was able to eke out flat revenues, Mayo told CNBC's "Fast Money: Halftime Report."
"The offense wasn't great, but we'll take flat revenues in an environment like this. But JPMorgan beat expectations on defense: lower expenses, lower assets. They even lightened up on risk late at the end of the quarter," Mayo said. "JPMorgan is still the LeBron James of banking."
Earlier Thursday, the company reported net income of $5.4 billion and earnings per share of $1.32 on revenue of $23.7 billion, beating estimates. Analysts expected the bank to report earnings per share of $1.26 on revenue of $22.86 billion, according to a Thomson Reuters consensus estimate.
"The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry," CEO Jamie Dimon said in a release.
Shares of the company were up nearly 3 percent in afternoon trading.