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JP Morgan tops 1Q profit forecasts

NEW YORK, N.Y. – NEW YORK (AP) _ JPMorgan Chase & Co. (JPM) on Wednesday reported first-quarter earnings of $5.52 billion.

The New York-based bank said it had earnings of $1.35 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The biggest U.S. bank by assets posted revenue of $23.24 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $23.85 billion.

JP Morgan shares have decreased 10 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 1 per cent. The stock has dropped 4.5 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on JPM at http://www.zacks.com/ap/JPM

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Keywords: JPMorgan Chase, Earnings Report, Priority Earnings