When JP Morgan kicked off the annual first-quarter reporting season last week by blowing its own return on equity target out of the water and posting its second most profitable quarter ever, it left analysts covering the sector wondering whether it will be the exception or the rule.

Net profits of $2.37bn were the second best in the bank's history and its return on equity hit 24%, well ahead of its target of 17%. More impressive was that the bank beat increasingly gloomy expectations for revenues and profitability across the industry.