JPM reported strong results as the US earnings season kicks into gear. Strong net interest income (NII) was buoyed by the Fed’s increase in interest rates, while trading revenues were driven by continued volatility in the market. We continue to favour JPM as our best bank stock pick - it trades at ~11x fwd earnings, trades for 1.45x book value and generates a 16% return on equity - since last quarter these fundamentals have become paradoxically more tempting and less tempting; book value is slightly “cheaper” at 50bps less than last quarter, whilst the bank’s return on equity has fallen 200bps.