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JPMorgan Chase, the nation's largest bank by assets, reported a 6.7 percent drop in quarterly profit as costs to cover possible sour loans to troubled shale oil companies rose and revenue from trading and investment banking declined.

The bank's net income fell to $5.52 billion in the first quarter ended March 31, from $5.91 billion a year earlier. On a per-share basis, earnings fell to $1.35 from $1.45.

Revenue for the quarter came in at $24.08 billion, against the comparable year-ago figure of $24.82 billion.

Analysts had expected JPMorgan to report earnings of about $1.26 a share on $23.39 billion in revenue, according to a consensus estimate from Thomson Reuters.

Shares of the banking giant have fallen more than 10 percent in 2016. Still, JPMorgan shares are outperforming those of Goldman Sachs, another Dow component, which have fallen nearly 15 percent year to date.

Read More From CNBC: JPMorgan Cuts 5 Percent of Asia Wealth Management Jobs

CEO Jamie Dimon also bought over $25 million of JPMorgan's own stock early in the first quarter.

Earlier Wednesday, Reuters reported that JPMorgan cut 30 jobs, or 5 percent of its headcount, at its Asia wealth management business, according to a source with direct knowledge of the matter, as the U.S. bank sharpens its focus on tapping wealthier clients.

JPMorgan is the first U.S. bank to report results since the Federal Reserve's decision in December to raise interest rates by 0.25 percentage points, the first hike in nearly a decade.

Bank of America and Wells Fargo, the second and third-biggest U.S. banks, report on Thursday.

Reuters contributed to this report.