JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 12.2 percent rise in quarterly profit as revenue from fixed-income trading rebounded.
The bank\’s net gain rose to US$5.91 billion, or US$1.45 per share, in the first quarter ended March 31, from US$5.27 billion, or US$1.28 per share, a year earlier.
The results for the latest quarter included an after-tax charge of US$487 million for legal expenses.
Analysts on average had expected earnings of US$1.40 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results reported were comparable.
JPMorgan shares rose a couple of per cent to US$63.15 in premarket trading .
Revenue from fixed-income trading rose 5 per cent to US$4.07 billion, adjusted for that sale of businesses last year, together with a physical commodities operation.
JPMorgan\’s investment bank is the biggest on the planet by revenue and ranks at or near the top in share of the market in the majority of its business lines, based on research firm Coalition.
But the unit is under pressure to cut costs because customers have reduced their trading since the financial crisis and regulators have demanded that big banks take fewer risks, hold more capital and improve controls.