JPMorgan reports $3bn Q1 profits

The financial services firm JPMorgan Chase has posted record earnings for the first quarter, with net income up 36 per cent to $3.08 billion.

The company also reported that revenue had increased by 12 per cent to $15.2 billion.

America's third-largest bank benefited largely in the first quarter from the strength of its investment banking business, generating the highest M&A fees since 2000.

The high fees ensured that investment banking revenue rose by 12 per cent to 7.4 billion for the quarter.

The company's credit card business also buoyed profits.

Jamie Dimon, JPMorgan's president and chief executive officer, said that the results reflected the bank's positive momentum.

"Our businesses generally experienced underlying growth in customer accounts, loans, deposits, assets under management, and business volumes from new and existing clients," he said, enjoying the end to his first three months in the job.

JPMorgan is just the latest of a number of large American banks to record increased profits in the first quarter this year.

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