Updates with latest share price, added information about the results.
NEW YORK (TheStreet) -- JPMorgan Chase (JPM) shares were closing in on a new 52-week high Wednesday after the bank topped Wall Street expectations for its first-quarter profit by a dime early Wednesday, aided by a strong revenue performance from its investment bank unit.
JPMorgan said it earned $3.3 billion, or 74 cents a share, for the three months ended in March with total revenue coming in at $28.2 billion. That performance was flat with its profit in the fourth quarter but up 55% from the same period a year earlier, in which it made $2.14 billion, or 40 cents a share.
The average estimate of analysts polled by Thomson Reuters was for a profit of 64 cents a share in the latest quarter on revenue of $26.47 billion.The better-than-expected revenue was a switch from the miss JPMorgan experienced in the fourth quarter when it fell short on the top line, and the shares rallied on the news. The stock was up 2.9% to $47.21 in morning trades. The high of $47.41 for the session was just below the stock's 52-week peak of $47.47, which dates back to Oct. 15, 2009. The performance was also lifting the rest of the big banks.
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