Bank stocks traded mixed Thursday following JPMorgan Chase’s (JPM Quote) better-than-expected earnings report.
JPMorgan’s first-quarter profit slipped 10% from a year ago, but earnings of $2.14 billion, or 40 cents a share, were better than analyst forecasts. The bank also recorded revenue of $26.9 billion, compared with the Thomson Reuters average estimate of $22.9 billion.
It wasn’t all good news for JPMorgan. Defaults are still rising — credit costs amounted to $10.1 billion in the first quarter, up significantly from a year ago. But JPMorgan’s investment bank pulled in a record profit of $1.6 billion on record revenue of $8.3 billion. A year earlier, before JPMorgan bought the nearly-collapsed investment bank Bear Stearns, that division posted a loss.