The profit of JP Morgan Chase (NYSE:JPM), the largest U.S. bank by assets, rose 33% in the first quarter, from $4.9 billion in the first three months of last year to $6.5 billion.
The financial results of the first quarter of last year were affected by the “London Whale” scandal, as the bank recorded losses of billions of dollars from derivative transactions.
Total net revenues decreased in the first quarter of 2013 from $26.8 billion in the first quarter of last year to $25.8 billion. Earnings per share were at $1.59.
Analysts expected a profit of $1.39 per share, on revenue of $25.7 billion, according to a survey conducted by FactSet Research Systems Inc. (NYSE:FDS), a financial data and software company based in Norwalk, CT. Another survey by Thomson Reuters analysts estimated a $1.39 profit per share and a revenue of $25.86 billion.
“JPMorgan Chase had a very good start to the year. All our businesses had strong performance, and our client franchises did exceptionally well,” said James Dimon in a statement.
“We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We also saw strong performance in our credit card portfolio, with net charge-offs remaining near historic lows, another sign that consumers are healthier and more confident,” reads the statement from JP Morgan CEO.
The bank reported solid results in all divisions, with revenue of $3 billion in investment banking, up 15% from $2.6 billion in the same period last year. JP Morgan also announced a push of 27% of its dividend to 38 cents a share.
JP Morgan shares were down 0.61% to $49.01 yesterday at the end of trading day on NYSE.
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