JPMorgan profit falls 3%, but tops view

Banks' net income stands at $5.4 billion compared with $5.6 billion

JPMorgan Chase & Co first-quarter profit fell 3% as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations.

The biggest US bank by assets said on Friday that net income was $5.4 billion, or $1.31 a share, compared with $5.6 billion, or $1.28 a share a year earlier.

The company's quarter-end share count declined 4% from a year earlier as it bought back stock.