JPMorgan's profits soar, but revenue slips
JPMorgan reports soaring profits, beating analysts' expectations, but revenue slips
NEW YORK (AP) -- JPMorgan Chase, the country's biggest bank by assets, says its first-quarter earnings soared, even as revenue fell slightly.
The bank made $6.1 billion in the first quarter, after stripping out payments to preferred shareholders. That was up 34 percent from the same period a year ago, when it made $4.6 billion.
On a per-share basis, that amounted to $1.59. That blew away the estimates of analysts polled by FactSet, who had been expecting $1.39.
Revenue was $25.8 billion, after stripping out the effect of an accounting charge. That beat analysts' estimates of $25.7 billion, though it was down 3 percent from the same period a year ago.
Shares are down 1 percent in pre-market trading, off 51 cents to $48.80.
