JPMorgan's Profits Exceed Wall Street Expectations

JPMorgan Chase & Co. announced quarterly profits that exceeded Wall Street expectations today, Friday, making it one of the biggest winners during the crisis that struck the banking sector last month. Deposits at the largest U.S. bank increased by $50 billion in the three months ending in March, while other banks recorded a 3% decline in the first quarter. Net interest income, which reflects the difference between the interest paid by the bank to depositors and that charged on loans, rose by 49%, leading to a 52% increase in profits. The bank’s shares rose by more than 7%. The bank set aside $2.3 billion for loan loss provisions, an increase of 56% compared to the level a year ago.