(Reuters) - S&P Global on Monday revised the rating outlook of JPMorgan Chase ( JPM ) to 'positive' from 'stable', citing the strength of its sprawling lending-to-trading business that has outperformed peers.

"JPM has successfully consolidated market share across multiple loan types and services, and generated solid earnings under diverse economic conditions," it said.

JPMorgan ( JPM ), the largest U.S. bank by assets, closed 2023 with its best-ever annual profit and forecast higher-than-expected interest income for 2024 in January, even as its fourth-quarter profit fell.

The bank's stock has climbed 17% so far this year, through previous close. The S&P 500 Banks Index, tracking a basket of large-cap bank stocks, has climbed about 14.4% over the same period.

"JPM has been able to post peer-leading industry profitability and returns, and grow its tangible book value by more than 9% annually since 2004, well ahead of peers," S&P said.

The bank is set to report first-quarter results next week alongside rivals Bank of America, Wells Fargo and Citigroup.

The upbeat outlook stands in contrast to smaller regional banks. S&P had downgraded the outlooks of a raft of regional lenders late last month, citing their commercial real estate (CRE) exposures.