J.P. Morgan profits fall to $5.4bn

J.P. Morgan Chase, the US banking giant based in New York, saw profits fall 3.1% overall in Q1, but still beat analysts' forecasts.

The bank saw profits fall to $5.38bn from $5.56bn in the first three months of the year, but on an earnings per share basis it beat market expectations, with earnings of $1.31, up from $1.28 last year and ahead of the $1.18 analysts had pencilled in. J.P. Morgan also increased its quarterly dividend to $0.30 a share from $0.25, and approved a $15bn stock buyback. The bank is the first to report its Q1 numbers, and will act as a yardstick for peers. J.P. Morgan's investment banking arm bounced back in the first few months of the year, turning in a profit of $1.68bn, down 29% from a ...