NEW YORK (AP) — JPMorgan Chase & Co. reported an 11 percent rise in first-quarter profit on Tuesday, helped by strong results in the bank’s currency, commodities and fixed income business.
The largest U.S. bank by assets earned $5.45 billion after payments to its preferred shareholders. That compares to a profit of $4.89 billion a year earlier. On a per share basis, the bank earned $1.45, compared with $1.28 a year earlier.
The average estimate of financial analysts surveyed by FactSet was $1.39 per share, which typically exclude one-time items. Net revenue at the bank was $24.01 billion, compared with $23.22 billion in the same period a year earlier.
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Wall street analysts widely expected banks to report higher trading revenue this quarter, and JPMorgan met that expectation. Net revenue at the bank’s corporate and investment bank rose 8 percent to $9.58 billion, helped by volatility in currency and fixed income markets. Higher volatility typically means more commissions for banks because investors trade more.
JPMorgan also had $687 million in pre-tax charges for legal expenses in the quarter.
Shares of JPMorgan were up 1 percent in early pre-market trading.
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