JPMorgan Chase has reported a net income of $8.71bn for the first quarter of 2018, a surge of 35% compared to $6.45bn reported in the previous year.

The group’s net revenue for the quarter ended 31 March 2018 was $27.9bn, a 12% rise from $24.94bn reported last year. Provision for credit losses dipped 11% year-on-year to $1.16bn.

The consumer and community banking unit of the group reported a net income of $3.32bn for the first quarter of 2018, a 67% jump from $1.99bn in the year ago quarter.

The division’s net revenue was $12.59bn, up 15% from $10.97bn in the previous year. Noninterest expense rose 8% year-on-year to $6.91bn, due to investments in technology and marketing, higher auto lease depreciation, and continued business growth.

Provision for credit losses was $1.31bn, a fall of 8% $1.43bn from last year. The bank said that the decrease was due to the $218m write-down related to the sale of a student loan portfolio, and lower net charge-offs in home lending.

JPMorgan Chase chairman and CEO Jamie Dimon said: “2018 is off to a good start with our businesses performing well across the board, driving strong top-line growth and building on the momentum from last year. We have been outpacing the industry on consumer deposit growth while attracting significant net new money and growing client investment assets 13%.”

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