JPMorgan profit rises 16.8%

[NEW YORK] JPMorgan Chase & Co, the biggest US bank by assets, reported a 16.8 per cent rise in quarterly profit on Thursday as the bank made more loans and racked up additional revenue from increased trading.

The bank's net income rose to US$6.45 billion in the first quarter ended March 31 from US$5.52 billion a year earlier.

Earnings per share rose to US$1.65 from US$1.35. Analysts had expected earnings of US$1.52 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

Trading increased across Wall Street over the past year as investors changed their positions around the Brexit vote, the US elections and the Federal Reserve's hikes in interest rates.

Customers also borrowed more as the economy expanded, though the pace of loan growth has slackened somewhat recently.

REUTERS