JPMorgan Profit Rises 67% to a Record on Lower Credit Costs
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JPMorgan Chase & Co., the second-biggest U.S. bank by assets, said profit rose 67 percent to a second straight record as provisions for bad mortgages and credit-card loans tumbled.
First-quarter net income climbed to $5.56 billion, or $1.28 a share, from $3.33 billion, or 74 cents, in the same period a year earlier and from $4.83 billion, or $1.12, in the fourth quarter, the New York-based company said today in a statement. The results beat the average per-share estimate for adjusted earnings of $1.15 by 26 analysts surveyed by Bloomberg.