JPMorgan Chase & Co. (NYSE: JPM) reported fiscal first-quarter 2018 results before markets opened Friday. The investment bank and financial services giant posted diluted earnings per share (EPS) of $2.37 on managed (adjusted) revenue of $28.52 billion. In the same period a year ago, the big bank reported EPS of $1.65 on revenue of $25.85 billion. First-quarter results also compare to the consensus estimates for EPS of $2.29 on revenue of $27.66 billion.

Quarterly profits jumped by 35%, from $6.45 billion in the first quarter of 2017 to $8.71 billion. Net interest income totaled $13.5 billion, up 9%, driven by the impact of higher rates and loan growth. The bank’s income tax expense fell by $240 million despite the jump in pretax income as a result of the tax law changes enacted last December.

Noninterest revenue reached $15.1 billion, up 12%, driven by higher Markets revenue, lower Card net acquisition costs, higher auto lease income and higher management fees in Asset & Wealth Management.

Provision for credit losses was $1.17 billion, compared with $1.32 billion in the prior-year quarter, reflecting higher net charge-offs in the consumer credit card business, offset by the prior year’s write-down of the bank’s student loan portfolio.

By divisions, net income in the consumer and community banking group rose by 67% to $3.33 billion, commercial banking net income rose 28% to $1.03 billion and asset management group net income doubled to $770 million for the quarter.

Corporate and investment banking group net income rose 23% to $3.97 billion, while revenue was down 9% to $3.0 billion and investment banking revenue dipped by 7% to $1.6 billion. Fixed income revenues were flat reflecting “strong performance across products, predominantly in derivatives and Prime Services.”

Provision for credit losses in the group totaled a benefit of $158 million, compared to a benefit of $96 million in the prior-year quarter.

Bank CEO Jamie Dimon said:

The global economy continues to do well, and we remain optimistic about the positive impact of tax reform in the U.S. as business sentiment remains upbeat, and consumers benefit from job and wage growth. We are committed to doing our part – and this company can be an engine that helps drive inclusive economic growth for all Americans, including our $20 billion long-term investment in our employees and communities, and we’re working to tackle broader issues, like healthcare, that can help the whole country.

The bank did not offer guidance in its press release, but the consensus estimates call for second-quarter EPS of $2.23 on revenues of $27.27 billion. The EPS estimate for the 2018 fiscal year is $8.91 on revenues of $109.05 billion.

Shares traded up about 0.8% in Friday’s premarket at $114.30. The current 52-week range is $81.64 to $119.33. The consensus 12-month price target was $122.19 before results were announced.

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