NEW YORK businessweek.com
JPMorgan Chase said Thursday it earned $2.14 billion for the first quarter, thanks to a boost in trading activity and deposits. The profit was 10 percent lower than last year, but better than expected.
JPMorgan has not posted a quarterly loss since the financial crisis began.
Like other banks, JPMorgan's loans are still seeing defaults increase. Credit costs amounted to $10 billion, JPMorgan said.
But the company is benefiting from a jump in mortgage refinancing and deposits, as well as low interest rates. When a bank can borrow cheaply, it can profit more from lending.
