JPMorgan reports higher first-quarter profits

Last Updated: Fri, Apr 12, 2013 12:20 hrs

JPMorgan Chase & Co posted an increase in first-quarter profits on Friday as the biggest U.S. bank benefited from lower expenses.

Net income rose to $6.53 billion, or $1.59 a share, from $4.92 billion, or $1.19 a share, a year earlier.

The year-ago results had been reduced by 12 cents a share due to costs from its "London Whale" derivatives trades. Results for both periods included other special items.

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