JPMorgan Chase (NYSE: JPM) has started off the first quarter-earnings derby with a bang. The bank reported earnings of 74 cents per share versus analysts' average estimate of 64 cents. Revenue hit $28.2 billion, also beating the forecasts. The markets bid up the stock giddily. JPMorgan hiked its loan loss reserves by $3.7 billion, down $496 million sequentially and down $144 million from a year ago. The bank now has nearly $40 billion, or roughly 5.6 percent of loans, set aside to cover losses. The bank also set aside another $2.3 billion for litigation over faulty mortgages and a battle with Washington Mutual (WaMu news) debt holders. 

CEO Jamie Dimon (Jamie Dimon news) also suggested that the outlook for the rest of the year is strong. Trading was strong, especially in Fixed Income Markets. Revenues were about the same as a year ago, and we may be seeing the signs of heightened competition taking a toll on the likes of JPMorgan Chase and Goldman Sachs (NYSE: GS). All in all, this would appear to bode well for earnings from other banks coming soon. 

For more:
- here's the release

Related Articles:
JPMorgan Chase (JPM) Earnings Q1 2010
JPMorgan Chase goes global
Rolling Stone takes on JPMorgan
Goldman Sachs wins league tables, JPMorgan Chase slips
Should JPMorgan get out of consumer banking?
JPMorgan bests Goldman Sachs in banking