JPMorgan Chase Q1 profit numbers beat analysts' estimates

JPMorgan Chase & Co, the second-largest US bank by assets, reported profit for the first quarter that beat analysts' estimates on record investment-banking revenue.

Earnings fell 10 percent to $2.14 billion, or 40 cents a share, compared with $2.37 billion, or 68 cents, a year earlier, the New York-based bank said yesterday in a statement. Per-share profit was expected to be 32 cents, according to the average estimate of 18 analysts surveyed by Bloomberg.

JPMorgan's market value has almost doubled in the past month on speculation the bank's profit slide will slow with the easing of the global credit crunch. Chief Executive Officer Jamie Dimon, 53, helped spark the rally when he said the company was profitable in January and February. Goldman Sachs Group Inc, the sixth-largest US bank, reported earnings on April 13 that were twice as high as analysts estimated.