JPMorgan posts 67pc increase in Q1 profit
New York, April 13, 2011
JPMorgan Chase & Co posted higher first-quarter earnings as it set aside less money to cover bad loans.
The second-largest US bank said earnings were $5.56 billion, or $1.28 a share, compared with $3.3 billion, or 74 cents a share, in the same quarter last year.
The bank set aside just $1.17 billion to cover bad loans, down from $7.01 billion a year earlier.
Investment banking profits fell to $2.37 billion from $2.47 billion.
JPMorgan shares were little changed in premarket trading. – Reuters