JPMorgan Chase & Co, the second-largest US bank, reported on Thursday its first-quarter profits were $1.6 billion exceeding thus the forecasted figures. The revenue is up from a loss of $87 million a year earlier, according to the Reuters. Improved investment banking performance offset an increase in losses from credit cards and other consumer debt became a result of the better-than-expected benefits.

JPMorgan’s shares fell slightly from $32.56 to $32.30 on Thursday in pre-market trading, after first-quarter profit to common shareholders fell 33%to $1.52 billion. The bank set aside $10 billion against credit losses, that almost doubled the amount it put aside in a previous year. 

Net income to common shareholders was $1.52 billion, or 40 cents a share, compared to $2.29 billion, or 67 cents a share in a previous year. Net income before preferred dividends was $2.14 billion, compared to $2.37 billion a year ago. Bank’s income changes reflected 45% growth to $25 billion from $16.9 billion, while experts anticipated JPMorgan to earn 30 cents a share, with forecasts ranging from 11 cents to 45 cents a share.

As for February, the bank managed to save $5 billion of common equity a year, cutting its common stock dividend 87% to 5 cents a share from 38 cents a share. Since the beginning of 2009 the bank’s shares have outperformed the broader sector, up about 3% at $32.56 on Wednesday compared to a 20% fall in the KBW Bank Index.