09:11 AM EDT, 04/11/2025 (MT Newswires) -- JPMorgan Chase ( JPM ) reported better-than-expected first-quarter results on Friday amid double-digit gains in investment banking fees, while the lender's Chief Executive Jamie Dimon said the economy is facing "considerable turbulence" due to tariffs and trade volatility.

The company's per-share earnings came in at $5.07 for the March quarter, up from $4.44 the year before, exceeding the FactSet-polled consensus of $4.63. Consolidated revenue advanced 8% year over year to $45.31 billion, topping the Street's view for $43.99 billion.

Net interest income ticked up 1% on a managed basis to $23.38 billion. Noninterest revenue climbed 17% to $22.04 billion on a reported basis and by the same percentage on a managed basis to $22.64 billion.

"The firm reported strong underlying business and financial results in the first quarter, producing net income of $14.6 billion," Dimon said in a statement.

Revenue in the commercial and investment banking segment increased to $19.67 billion from $17.58 billion in the prior-year quarter, amid a 12% gain in investment banking fees. However, Dimon noted that clients have become "more cautious" due to increased market volatility caused by geopolitical and trade tensions.

China on Friday reportedly raised its tariffs on US imports to 125%, effective Saturday, in response to President Donald Trump's move to hike duties on Beijing to 145%. Earlier in the week, Trump announced a 90-day pause for certain tariffs for non-retaliating countries.

"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars,' ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," according to Dimon. In an annual shareholder letter published earlier in the week, Dimon said Trump's tariffs have the potential to fuel inflation and slow down economic growth.

Consumer and community banking revenue inclined 4% to $18.31 billion in the first quarter, as a 12% increase in card services and auto helped more than offset a 1% decline in banking and wealth management. Corporate revenue improved 5% to $2.3 billion, while asset and wealth management sales rose to $5.73 billion from $5.11 billion a year earlier. Assets under management jumped 15% to $4.1 trillion, amid continued net inflows and higher market levels, according to the lender.

JPMorgan's ( JPM ) provision for credit losses rose to $3.31 billion from $1.88 billion in the 2024 quarter, including net charge-offs of $2.3 billion and a net reserve build of $973 million.

For the full year 2025, the bank expects net interest income of about $94.5 billion, according to an earnings presentation. In January, it expected the metric to come in at roughly $94 billion. "As always, we hope for the best but prepare the firm for a wide range of scenarios," Dimon said in the earnings release.