US banking giant JPMorgan Chase has reported a net profit of $2.1 billion for the first quarter of 2009.
The figure was slightly down from 2008 figures for the same period, but was better than most market analysts had predicted.
The group reported profit per share of 40 cents, higher than the 32 cents forecast by analysts, with sales up 50% to $26.9 billion.
Fellow US banks Goldman Sachs and Wells Fargo have already announced positive results, leading some to speculate that the worst of the financial crisis is over and sparking a rally in financial stocks in recent weeks. Citigroup is to reveal its first-quarter figures on Friday.
Chief executive Jamie Dimon noted that JPMorgan had suffered extremely high credit costs, especially in its card-services and retail financial services divisions.
'It is reasonable to expect additional increases to credit reserves if the economic environment worsens,' he said. But he added that the company was confident that it would be able to ride out a worsening economy.
While the bank has largely avoided the losses and writedowns on complex debt securities and sub-prime mortgages that hurt other banks in 2008, it is heavily exposed to consumer credit.
In the group's investment banking business, revenue more than doubled and it made a $1.6 billion profit owing to record results on trading operations.
JPMorgan became the biggest US deposit holder following its acquisition of Washington Mutual for $1.9 billion during the financial crisis last September.
