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.

(Reporting by David Henry in New York; Editing by Gerald E. McCormick)

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