JPMorgan Chase 1st-quarter earnings soar

/ Source: The Associated Press

JPMorgan Chase & Co., the nation's third largest bank, on Wednesday reported a 55 percent increase in first-quarter profit reflecting strength across all of its primary business lines.

The New York-based bank said net income totaled $4.8 billion, or $1.34 a share, in the January-March period, up from $3.1 billion, or 86 cents a share, a year earlier. The results were boosted by an 11 cent accounting change.

Revenue was nearly $19 billion, up from $15.2 billion a year earlier.

The results far outpaced the $1.02 per share earnings on $16.9 billion in revenue expected by analysts surveyed by Thomson Financial.

The bank said it was raising its quarterly dividend 4 cents to 38 cents per share, payable on July 31 to stockholders of record as of July 6.

It also authorized a $10 billion share repurchase program.