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JPMorgan, Citigroup and Wells Fargo Report Rise in Profits Amid Industry Turmoil



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Despite tenuous times for the banking industry, some of the largest U.S. lenders reported banner first-quarter earnings on Friday that easily exceeded investor expectations. And even as they warned that credit could become more scarce and expensive, they said that the economy was proving resilient so far.The banks’ earnings were bolstered by higher interest rates, which allowed them to charge more for loans above what they pay out on deposits. The robust reports were also a reflection that the collapse of Silicon Valley Bank and Signature Bank last month appear to have strengthened the biggest banks by driving customers toward larger institutions perceived to be more stable.JPMorgan Chase, the nation’s largest bank, reported revenu …

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