- NEW YORK: JPMorgan Chase’s first-quarter profit jumped 67 percent on solid growth in investment banking fees and a drop in losses in its credit card portfolio.
The New York bank said it earned $5.6 billion, or $1.28 per share, compared with $3.3 billion, or 74 cents a share in the first quarter of last year.
Analysts surveyed by FactSet forecast the bank would earn $1.15 per share.
Revenue fell to $25.2 billion from $27.7 billion in the same period last year.
JPMorgan Chase & Co.’s profits included $2 billion from reducing its credit card loan reserves.
The slump in real estate continued to weigh as the bank increased its provision for credit losses by $1.1 billion.