J. P. Morgan’s First-Quarter Net Jumps 42.1%

J. P. Morgan & Co., the nation’s fifth-largest bank holding company, said Wednesday that its first-quarter profit jumped 42.1% from a year ago.

The improvement resulted mainly from an 89.3% increase in non-interest operating income.

The New York-based parent of Morgan Guaranty Trust said its net income for the three months ended March 31 came to $233.9 million, compared to $164.6 million in the same period last year.

Increases were reported in all areas of non-interest income, especially in income from foreign exchange and other trading.

The company said it also had substantial net gains from the sale of investment securities.

Net interest earnings rose 16.5%.

Total assets averaged $70.2 billion during the first quarter, compared to $65 billion a year earlier.