NEW YORK, April 13 (Xinhua) -- JPMorgan Chase, the second largest bank on Wall Street, said its profit for the first quarter rose 67 percent, beating markets expectations, as provisions for bad loans dropped.
The New York-based company said in a statement that its first-quarter net income increased to 5.56 billion dollars, or 1.28 dollars per share from 3.33 billion dollars, or 0.74 per share in the same period last year.
Analysts had expected profits of 1.16 dollars per share. It was the second straight record quarter after posting a record profit of 4.83 billion dollars in the fourth quarter of 2010.
Provisions for credit losses dropped to 1.17 billion dollars, down from 7.01 billion dollars a year earlier as defaults and late payments declined, which allowed it to set aside less money to cover bad loans.
JPMorgan is the first of the big banks to post quarterly results, and its earnings often give investors a hint of what to expect from other financial companies.
The results were good enough to lift JPMorgan shares and also boosted other bank stocks. Shares of JPMorgan and Goldman Sachs rose in the morning trading session. Bank of America, which was scheduled to release its earnings report Friday, traded flat.
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