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JPMorgan Chase income rises 33% in 1Q

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JPMorgan Chase (JPM) earnings rose 33% from year ago levels in the first quarter, despite a 3% decline in revenue.

Forbes has more:

JPMorgan Chase's earnings landed Friday, and for Jamie Dimon the best part is probably the lack of surprises in the better-than-expected first-quarter figures.

The bank topped estimates with earnings of $1.59 per share. Net income of $6.5 billion was up 33% from a year earlier, despite a slight 3% decrease in revenue to $25.8 billion. The bank lowered its provision for credit losses by $107 million, or 15%, and derived a $126 million gain from wider spreads on its own credit, which accounted for a combined 18 cents in earnings. Excluding those benefits JPMorgan earned $1.41, still better than $1.38 consensus view.

Source: Forbes
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