JPMorgan Q1 profits up 67%

JPMorgan Chase, the second largest bank by assets in the US, beat forecasts from Wall Street analysts by reporting a 67 percent rise in Q1 profits, bringing figures to $5.56bn compared with $3.33bn in the same period last year.

The jump in results was attributed to an increased performance from the credit card group and its investment banking and trading businesses, which helped offset losses from the retail bank.

Net revenue fell 8.5 percent year-on-year to $25.79bn from $28.2bn and was blamed on lower from fees and a decrease in securities gains.

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