NEW YORK (AP) — JPMorgan Chase reported a modest 6% rise in first-quarter profits on Friday, as the major banks start reporting their quarter results for the first quarter.
Wells Fargo (WFC) reported a decline in profit versus a year ago, although the result beat Wall Street's expectations.
JPMorgan (JPM), the nation's largest bank, earned a profit of $13.42 billion, or $4.44 a share, compared to a profit of $12.62 billion, or $4.10 a share, in the same period a year earlier. JPMorgan's results were impacted by a $725 million one-time charge to the Federal Deposit Insurance Corporation.
While the results did beat analysts' forecasts, the bank's stock fell in premarket trading after JPMorgan gave a lower-than-expected forecast for its net interest income for the full year. That forecast largely reflects the bank's expectation that the Federal Reserve will cut interest rates later this year.