Jamie Dimon, CEO of JPMorgan Chase, says US consumers remain strong


JPMorgan Chase (JPM) reported strong earnings and sales on Tuesday that exceeded Wall Street forecasts. The bank made solid deposit gains and increased car loan and other consumer goods revenues.

Dimon said in a statement that "the US consumer remains in a strong position," adding that "the robust holiday season" led to a 10% increase in credit card transactions during the quarter.

The bank also saw a sharp increase in demand for corporate and investment banking services. Revenues in this area increased 31% year over year, primarily due to the sharp increase in trading revenues and fees from subscribing to stock and bond offers.

The strong demand for consumer credit contributed to the increase in sales and profits at JPMorgan Chase.

Dimon said the bank was still facing "a persistently high level of complex geopolitical problems," but added that "global growth has stabilized, albeit at a lower level."

He also pointed out that "phase 1" trade between the United States and China is good news for the bank.

Overall, the bank reported fourth quarter sales of $ 29.2 billion, up 9% year over year and net income of $ 8.5 billion, or $ 2.57 per share. Analysts had expected sales of $ 28 billion and earnings per share of $ 2.35.

JPMorgan Chase shares rose 1% in early trading. The bank started a busy week of earnings for financial companies.

Wells Fargo (WFC) and Citigroup (C) also report results Tuesday during Bank of America (BAC). Goldman Sachs (GS). Morgan Stanley (MRS) and BlackRock (BLK) are expected to release their fourth quarter results later this week.