Profits at big US banks show few signs of industry distress

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical bank failures last month which put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps adding jobs and growing even as the Federal Reserve attempts to curb inflation. JPMorgan Chase & Co. posted a 52% jump in its first-quarter profits. Wells Fargo, Citigroup and PNC Financial each posted results that topped Wall Street estimates. Investors will now focus on the regional banks that report results next week.