JP Morgan Chase first-quarter profit rises 17%

JP Morgan Chase HQ in New YorkImage copyright

Profits at JP Morgan Chase jumped 17% in the first three months of the year, the US bank has said.

The bank’s first-quarter profits increased to $6.45bn (£5.1bn), from $5.5bn in the same period in 2016.

Higher interest rates helped lift the firm’s revenue to $24.7bn, up 6% from a year ago.

Provisions for credit losses fell 28% to $1.3bn.

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