JPMorgan Profit Rises 12% on Gains From Stock, Bond Trading
JPMorgan Q1 Profit Up 12% on Fixed-Income Trading
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JPMorgan Chase & Co., the biggest U.S. bank by assets, said profit climbed 12 percent, beating analysts’ estimates, as first-quarter revenue from trading stocks and bonds increased for the first time since 2010.
Net income rose to $5.91 billion, or $1.45 a share, from $5.27 billion, or $1.28, a year earlier, according to a statement Tuesday from New York-based JPMorgan. Thirty-one analysts surveyed by Bloomberg estimated per-share earnings of $1.41. Excluding 13 cents in legal expenses and about 3 cents in accounting adjustments, earnings were $1.61 a share.