JPMorgan First-Quarter Profit Beats Estimates on Trading

April 13, 2016 11:13 AM

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JPMorgan Chase & Co., the biggest U.S. bank by assets, posted a first-quarter profit that beat Wall Street estimates on cost cuts and a smaller decline in trading revenue than most analysts predicted. The shares rose.

Net income fell 6.7 percent to $5.52 billion, or $1.35 a share, from $5.91 billion, or $1.45, a year earlier, the New York-based company said Wednesday in a statement. On an adjusted basis, per-share earnings were $1.41, beating the $1.25 average estimate of 29 analysts surveyed by Bloomberg.

Also read: Tesla reports first quarterly profit in more than three years

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