JPMorgan Earnings Beat Estimates on Mortgage Lending Gains
This article is for subscribers only.
JPMorgan Chase & Co. reported a 3.1 percent drop in earnings, a smaller decline than analysts estimated as mortgage revenue surged and trading almost doubled from the fourth quarter.
First-quarter net income fell to $5.38 billion, or $1.31 a share, from a record $5.56 billion, or $1.28, in the same period a year earlier when there were more shares outstanding, the New York-based company said today in a statement. Per-share profit compared with an average estimate of $1.17 from 28 analysts surveyed by Bloomberg.