JP Morgan profits boosted by credit card business
US banking giant JP Morgan has today reported a rise in first quarter profits boosted by a strong performance in its credit card operation.
Net income for the three months to the end of March rose to $5.56 billion (£3.4 billion) compared with the $3.33 billion in the same period a year ago.
Its card services division revealed a profit of $1.3 billion against a loss of $303 million in the same period a year earlier.
The results beat analysts expectations.
However, the bank said its mortgage and consumer lending unit made a loss of $937 million against a profit of $257 million a year ago.
The bank, which is the second largest in the US by assets, has kicked off the reporting season and investors will be hopeful that other US banking giants will follow suit later this week.
Goldman Sachs, Citigroup Inc., Morgan Stanley, Wells Fargo & Co. and Bank of America Corp. are scheduled to report their first quarter earnings later this week.