JP Morgan profit hits $5.6bn

JP Morgan Chase has seen a rise in first-quarter profits, helped by an improved performance in its credit card business.

The second-largest US bank announced profits of $5.6bn (£3.4bn) for the three months to the end of March, up from the $3.3bn it made a year ago.

Its card services unit made a $1.3bn profit, compared with a loss of $303m in the first quarter of 2010.