JPMorgan Chase reported quarterly profit that topped analyst expectations and increased its dividend, but shares dipped premarket as revenue came in a shade lighter than expected.
The largest U.S. bank by deposits said it earned $1.39 a share on revenue of $25.8 billion. JPMorgan said it would raise its dividend to 38 cents a share from the current 30 cents, and said it repurchased $2.6 billion in common shares as a further reward for investors while planning to buy another $6 billion over the next 12 monoths
Analysts had expected JPMorgan Chase to report earnings excluding items of $1.39a share on $25.86billion in revenue, according to a consensus estimate from Thomson Reuters.
Despite a wave of negative headlines stemming primarily from the $6 billion London Whale trading debacle as well as internal strife over whether Chairman and CEO Jamie Dimon should keep both roles, the company stock has done well.
Shares are up more than 12 percent year to date, though banks have slightly underperformed the broader stock market rally.
"JPMorgan Chase had a very good start to the year," Dimon said in a statement. "All our businesses had strong performance, and our client franchises did exceptionally well."
What is JPMorgan Chase stock doing now? (Click here to track the company's shares in premarket trade.)
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image: © Steve Jurvetson