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JPMorgan profits rise 6% despite $725mn regulatory charge

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Profits at JPMorgan Chase rose 6 per cent in the first three months of 2024 from a year earlier, despite the bank paying an extra $725mn charge from US regulators to cover the costs of last year’s regional bank failures.

The largest US bank by assets on Friday reported first quarter net income of $13.4bn, up from $12.6bn a year earlier and better than analysts had expected. JPMorgan set aside less than anticipated to cover loan losses.

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