JPMorgan profit falls 8 percent as investment bank struggles
NEW YORK -JPMorgan (JPM) said its first-quarter profit fell more than 8 percent from a year earlier, hurt by weak performance at its investment bank.
But the New York bank's earnings still beat Wall Street expectations, and its shares rose before the stock market opened Wednesday.
The largest U.S. bank by assets said it earned $4.99 billion after payments to preferred shareholders. That compares to a profit of $5.45 billion a year earlier. On a per share basis, the bank earned $1.35, compared with $1.45 a year earlier.
The results beat analysts' expectations of $1.26 per share, according to FactSet. That estimate typically excludes one-time items.
Net revenue at the bank totaled $23.24 billion, compared with $24.07 billion in the same period a year earlier.
The company said profit at its investment bank fell 22 percent from the year before to $1.98 billion. Profit from its consumer bank rose 12 percent to $2.49 billion.
Shares of JPMorgan Chase & Co. rose $1.46, or 2.5 percent, to $60.74 in premarket trading before the stock market open Wednesday.