J.P. Morgan Chase, the largest bank in the U.S., reported better-than-expected first-quarter earnings Friday. In its release, the company said the "impact of higher rates" boosted its results, as well as its net interest income.
Its stock is up 4.5% Friday, with the price hovering around $110.
If you invested in J.P. Morgan 10 years ago that decision would have paid off: Per CNBC calculations, a $1,000 investment on April 12, 2009, would be worth just over $4,200 as of April 12, 2019, a total return of about 326%. In the same time frame, the S&P 500 was up by 315%.
The company's profit rose 5% to $9.18 billion, or about $2.65 a share. Analysts' average estimate was $2.35 a share. Revenue also rose 5% percent to $29.9 billion, exceeding analysts' estimates by about $1.5 billion.
CNBC: J.P. Morgan Chase stock as of April 12, 2019
"We had record revenue and net income, strong performance across each of our major businesses and a more constructive environment," Chief Executive Officer Jamie Dimon said in a statement.
"Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong."
Thanks to strong bank earnings overall, in fact, the Dow Jones Industrial Average surged 274 points Friday. The S&P 500 was 0.7% higher and the Nasdaq Composite was up 0.5%.