Citi Reports Strong Investment Bank Results For JP Morgan Chase & Co

According to Citi, JP Morgan Chase & Co JPM reported 1Q11 EPS of $1.28 vs its $1.33 estimate and consensus of $1.16. Citi reported that core PTPP of $11.6 billion came in ~$400 million better than its expectations driven by strong performance in the I-Bank, offset by modest weakness across the commercial bank, asset mgmt and real estate portfolio. “Raising 2011 from $4.80 to $5.20 (vs cons of $4.77) for the 1Q beat, lower losses in Card and slightly faster reserve release; trimming 2012 from $5.70 to $5.60 (vs cons of ~$5.60) mostly due to pull forward of reserve release.” JP Morgan Chase & Co closed yesterday at $46.25.