JPMorgan Chase & Co. (NYSE: JPM) reported first-quarter fiscal 2015 results before markets opened Tuesday. The investment bank and financial services giant reported adjusted diluted quarterly earnings per share (EPS) of $1.45 on revenue of $24.82 billion. In the same period a year ago, JPMorgan reported EPS of $1.28 on revenue of $23.85 billion. First-quarter results also compare to the consensus estimates for EPS of $1.40 on revenue of $24.5 billion.

Quarterly profits rose 12% from $5.27 billion in the first quarter of 2014 to $5.91 billion. The bank’s non-interest expenses rose $247 million to $14.9 billion, largely driven by higher legal expenses.

Quarterly revenues benefited from $177 million in tax adjustments, compared with a tax charge of $90 million in the same period a year ago. Provision for credit losses rose by $109 million to $959 million, reflecting lower reserve releases of $93 million, compared with $419 million in the year-ago quarter.

By divisions, net income in the Consumer and Community Banking group rose by $238 million to $2.2 billion, Commercial Banking net income was relatively flat at $598 million and Asset Management group net income rose $48 million to $502 million for the quarter.

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Corporate and Investment Banking group net income rose $412 million to $2.5 billion on a higher investment banking revenues. The bank said that excluding the revenue decline related to “business simplification,” total markets and fixed income markets revenues would both have been up 20%. Volatility was on the bank’s side too: “Macro events drove robust client activity in Fixed Income Markets including in Currencies & Emerging Markets, and Rates, as well as in Equity Markets.”

The provision for credit losses in the first quarter this year totaled $959 million, compared with $850 million in the year-ago quarter.

CEO Jamie Dimon said:

JPMorgan Chase continues to support consumers, businesses and communities and make a significant positive impact. We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time. We continue to build the company for the long-term, we are investing in controls, infrastructure, systems, technology, new products and bankers. We will continue to navigate challenges and deliver for our clients, shareholders and communities.

JPMorgan increased its Basel III Tier 1 common ratio to 10.6% in the first quarter.

The bank did not offer guidance in its press release, but the consensus estimates call for second-quarter EPS of $1.45 on revenues of $24.8 billion. The EPS estimate for the 2015 fiscal year is $5.80 on revenues of $98.96 billion. The consensus full-year estimate has dropped from $5.91 since the end of the fourth quarter of 2014, and the quarterly EPS estimate has dropped from $1.50. A lower bar is always easier to clear.

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Shares traded up about 1.6% in the premarket Tuesday to $63.03. The current 52-week range is $52.97 to $63.49. Thomson Reuters had a consensus analyst price target of around $69.00 before the results were announced.

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