Shares of J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +0.62% fell 1.1% in premarket trading Wednesday, even as the banking giant reported first-quarter profit and revenue that beat expectations, as results benefited from an improving economy and credit reserve releases of $5.2 billion. Net income rose to $14.30 billion, or $4.50 a share, from $2.87 billion, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, such as credit reserve releases, adjusted EPS came to $3.31, above the FactSet consensus of $3.09. Net revenue rose 14% to $33.1 billion, above the FactSet consensus of $30.5 billion. Consumer and community banking revenue fell 6% to $12.52 billion, matching the FactSet consensus, while corporate and investment bank revenue jumped 46% to $14.6 billion to top expectations of $12.6 billion. Net interest income fell 11% to $13.0 billion, driven primarily by lower interest rates, to miss expectations of $13.2 billion. "With all of the stimulus spending, potential infrastructure spending, continued Quantitative Easing, strong consumer and business balance sheets and euphoria around the potential end of the pandemic, we believe that the economy has the potential to have extremely robust, multi-year growth," said Chief Executive Jamie Dimon. The stock has run up 21.3% year to date through Tuesday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF +0.53% has tacked on 4.5% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.61% has gained 10.0%.