JPMorgan profit falls 3 pct, but tops view

JPMorgan Chase & Co first-quarter profit fell 3% as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations

April 13, 2012 / 18:03 IST

JPMorgan Chase & Co first-quarter profit fell 3% as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations.

The biggest US bank by assets said on Friday that net income was USD 5.4 billion, or USD 1.31 a share, compared with USD 5.6 billion, or USD 1.28 a share a year earlier.

Analysts had been expecting USD 1.18 a share, according to Thomson Reuters I/B/E/S. It was not immediately clear whether analysts had accounted for a bankruptcy settlement with Washington Mutual the same way the bank had.

The company's quarter-end share count declined 4% from a year earlier as it bought back stock.

first published: Apr 13, 2012 05:12 pm

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