Banking giant JP Morgan have recorded record first quarter profits for 2013, with a rise of 33 percent in profits from the same time last year.

JP Morgan reported strong performances from all of its business lines, with overall profits at over £4.2 billion.

The bank reported strong results after moving to reduce its hold on bad debts, achieving a reduction in mortgage loan loss by over £422 million.

Jamie Dimon, chairman and chief executive, said: "All our businesses had strong performance, and our client franchises did exceptionally well".

"We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back.”

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