US Bank, JP Morgan first-quarter profit boosted by higher rates

Profits at JP Morgan Chase jumped 17% in the first three months of the year, lifted by higher interest rates and more banking and trading activity, the US bank has said.

The bank's first-quarter profits increased to $6.45bn (£5.1bn), from $5.5bn in the same period in 2016. 

The firm's revenue increased to $24.7bn, up 6% from a year ago.

Troubles in the firm's consumer and community banking unit were offset by record revenues in commercial banking.

Provisions for credit losses fell 28% to $1.3bn. Last year, trouble in the oil and gas industry hurt results.