JP Morgan Chase (NYSE:JPM) released financial report on Friday showing its first-quarter net profit fell 3 percent, but still better than market expectations.
The company’s quarterly net profit fell to $5.38 billion from $ 5.56 billion a year earlier, however, because of the reduction in the number of outstanding shares, earnings per share increased to $1.31 from $ 1.28 a year earlier, well above the average $1.16 expectation of analysts polled by Factset.
Revenues grew 6 percent to $26.7 billion from $25.2 billion in the same period last year, higher than the average analyst estimate of $24.4 billion.
JP Morgan Chase booked four one-time items for the first quarter, including aggregately 45 cents per share worth two one-time gains, and aggregately 53 cents per share two one-time losses.
JP Morgan also announced to raise its quarterly dividend from the previous 25 cents a share to 30 cents per share and the board of directors has approved a scale of up to $15 billion stock repurchase program.