J.P. Morgan Chase & Co on Wednesday said quarterly earnings rose 38 percent, as higher profits from investment banking and fewer bad loans offset a decline in its mortgage business.
The New York-based bank, which is in the process of buying rival Bank One Corp reported first-quarter net income of $1.93 billion, or 92 cents a share, compared with $1.40 billion, or 69 cents per share.
That exceeded the average estimate of 87 cents per share from Wall Street analysts polled by Reuters Research.
Net revenue rose 7 percent, to $8.98 billion. Total assets grew 6 percent from a year ago, to $801.1 billion.
In a statement, Chief Executive William Harrison said the company is still on target for a mid-year closing of its acquisition of Chicago-based retail bank BankOne.