JPMorgan 33% Profit Jump Beats Estimates on Reserve Releases

JPMorgan Chase & Co.’s first-quarter profit rose 33 percent to a record on expense reductions and an improvement in consumer credit quality that allowed the bank to boost earnings by reducing loan-loss reserves.

First-quarter net income climbed to $6.53 billion, or $1.59 a share, from $4.92 billion, or $1.19, in the same period a year earlier, the New York-based company said today in a statement. Twenty-eight analysts surveyed by Bloomberg estimated earnings per share of $1.39 adjusted for a one-time accounting item.