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JAMIE Dimon’s assertion earlier this month in a 37-page letter to shareholders that JPMorgan weathered the crisis better than most rivals and should not be tarred with the same brush as more troubled institutions, was yesterday proved true.

The bank’s first quarter results showing a 57 per cent jump in profit to $3.3bn (£2.1bn), or 74 cents a share, up from $2.1bn, or 40 cents, in the same quarter a year ago trumped expectations of 64 cents a share, and have set the bar high for its peers. The investment bank was yet again the powerhouse behind the performance – its net income of $2.5bn in the first quarter, up from $1.6bn a year earlier, provided two thirds of its profit.

The firm’s retail financial services operation suffered a $131m loss and its card services arm lost $303m, but this is a luxury JPMorgan can afford. Size matters on Wall Street and JPMorgan’s fixed income division is proving a reliable cash cow cushioning it from the issues of credit and real estate debt that continue to plague smaller rivals.

Dimon’s confidence is justified.