JPMorgan Chase & Co posted higher first-quarter earnings as it set aside less money to cover bad loans.

The second-largest U.S. bank said earnings were $5.56 billion, or $1.28 a share, compared with $3.3 billion, or 74 cents a share, in the same quarter last year.

The bank set aside just $1.17 billion to cover bad loans, down from $7.01 billion a year earlier.

Investment banking profits fell to $2.37 billion from $2.47 billion.

JPMorgan shares were little changed in premarket trading.

(Reporting by Clare Baldwin; editing by John Wallace)