April 13, 2012 / 11:10 AM / 6 years ago

UPDATE 1-JPMorgan reports lower net income

* Net income $5.4 billion vs $5.6 billion year earlier

* Q1 EPS $1.31 vs $1.28 year earlier

April 13 (Reuters) - JPMorgan Chase & Co reported lower first-quarter profit, but higher earnings per share after the company bought back stock.

The biggest U.S. bank by assets, JPMorgan 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 percent from a year earlier as it bought back stock.

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