JP Morgan Chase profits drop

US banking giant JP Morgan Chase saw its first-quarter profits drop 3% to $5.4bn (€4.1bn).

However, on an earnings per share measure, the results still beat expectations, with $1.31 (€0.99) ahead of forecasts of $1.18 (€0.90).

The largest US bank by assets said its performance was driven by an increase in mortgage loans and an improvement at its investment banking arm.