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Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations.

JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.

The bank bolstered its provision for credit losses — money set aside in anticipation of bad debts — by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook.

JPMorgan reported earnings per share of $5.07, trouncing AlphaSense's consensus forecast of $4.65.

Shares rose 2.6% in premarket trading. The stock has fallen 5.4% this year.

"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," Dimon commented in the earnings report, pulling from his letter to JPMorgan shareholders on Monday.

In his letter, Dimon cautioned the Trump administration's latest tariffs were likely to accelerate inflation and slow the US economy's growth. He also said he supported the US demanding that "unfair" trade and tax policies be rectified.

The billionaire banker later told Fox Business that a recession had become a " likely outcome ."

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