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updated: 4/11/2014 8:31 AM

JPMorgan's first-quarter profit falls

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  • JPMorgan Chase, the country's biggest bank by assets, says its first-quarter earnings fell.

      JPMorgan Chase, the country's biggest bank by assets, says its first-quarter earnings fell.
    Associated Press

 
Associated Press

NEW YORK -- JPMorgan Chase, the country's biggest bank by assets, says its first-quarter earnings fell.

The bank made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down 20 percent from the same period a year earlier, when it made $6.1 billion.

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On a per-share basis, that amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

Revenue was $22.9 billion. That was down 8 percent from the same period last year when the bank generated revenue of $25.1 billion.

Shares are down $1.10, or 2 percent, at $56.11 in pre-market trading.

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