Wells Fargo & Co. customers are repaying their loans, and that's good news for the banking giant, which reported a 14 percent increase in first-quarter earnings. The picture was not so bright at JPMorgan Chase & Co., where profits dropped 19 percent in the quarter, Bloomberg reported.
At Wells Fargo, net income advanced to $5.89 billion, or $1.05 a share, from $5.17 billion, or 92 cents per share, a year earlier, marking the company's 12th consecutive record quarter. Wells Fargo was the nation's most profitable U.S. bank in 2013.
JPMorgan suffered from a drop in mortgages and revenues from fixed-income trading.
Net income dropped to $5.27 billion, or $1.28 a share, from $6.53 billion, or $1.59 per share, a year earlier. Profits fell in every major division, amid a 42 percent drop in mortgage revenue and a 21 percent slide in fixed-income trading.
Reports from other national banks are soon to follow. Citigroup Inc. reports earnings on Monday, followed by Bank of America Corp. April 16. Goldman Sachs Group Inc. and Morgan Stanley announce results on April 17.