JPMorgan Chase reported a quarterly profit that exceeded low market expectations, as lower costs and better-than-expected trading revenue helped soften the blow from a fall in investment banking fees.

The drop in profit was the first in five quarters, but investors focused on the positives, helping to lift the shares of the bank and those of its rivals.

JPMorgan is the first US bank to report results for what has generally been seen as the banking industry’s worst start to a new year since the 2007-2008 financial crisis.

Net income fell 6.7 per cent to $5.52 billion (€4.89 million) in the quarter ended March 31st. The bank earned $1.35 per share, handsomely beating the average estimate of $1.26.

Total revenue fell 3 per cent to $24.08 billion, but beat the average estimate of $23.40 billion. – (Bloomberg)