Hey, everyone! You won’t believe what happened on Friday – the banks absolutely crushed it! They went above and beyond investor expectations, and even though they did warn us that credit could become more scarce and expensive, they said the economy was holding up nicely so far.

You might be wondering why the banks did so well. Well, it’s simple – they raised their interest rates, which means they charged more for loans than they paid out on deposits. And hey, it worked! Their earnings were robust and they were able to make up for their past mistakes.

Speaking of mistakes, remember when Silicon Valley Bank and Signature Bank went belly up last month? Yeah, that was a bit of a disaster. But what’s the silver lining, you ask? It actually drove customers to the bigger banks, as they were seen as more stable. So, in a way, those banks that survived are reaping the rewards.

The biggest fish in the pond, JPMorgan Chase, came out on top with revenue that rose across the board. I mean, they pulled in $12.6 billion in profit – 52 percent more than last year’s same quarter! Let’s just say they’re not exactly hurting for cash.

And if you thought JPMorgan Chase was done blowing our minds, think again. Their loans were steady and customer deposits actually rose slightly in the first quarter from the previous one. This is especially impressive considering other banks were hemorrhaging customers. It’s like a game of musical chairs and JPMorgan Chase is sitting pretty.

Serious News: nytimes