|JPMorgan's profits soar, but revenue slips||| Print ||
|Written by CHRISTINA REXRODE, AP Business Writer|
|Friday, 12 April 2013 07:38|
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.
Copyright 2013 The Associated Press.