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JP Morgan sees profits rise

JPMorgan Chase has reported first quarter profits of $3.3bn (£2.1bn).

Revenues from its investment bank overshadowed losses on consumer loans.

Shares of the second-largest US bank rose 2.4 per cent as it said the pace of loan losses slowed.

The main area which fuelled the bank's figures was its debt trading business, which produced revenues of $5.5bn.

JP Morgan's chief executive Jamie Dimon said: "Unfortunately, these good results were partially offset by high losses in the consumer credit portfolios."