JPMorgan Chase Q1 profits jump 33% to €5bn

JPMorgan Chase & Co’s first-quarter profit rose 33% to a record, beating analysts’ estimates on cost cuts and an improvement in consumer credit quality that let the bank reduce loan-loss reserves.

First-quarter net income climbed to $6.53bn (€5bn), or $1.59 a share, from $4.92bn, or $1.19, in the same period a year earlier, the New York-based company said.

JPMorgan chief executive officer Jamie Dimon boosted profit by shrinking expenses 16%, as he grappled with a 4% fall in total net revenue. Earnings also were buoyed by a drop in late payments, which helped the consumer bank reduce its loan-loss reserve by $1.2bn.