JPMorgan Chase & Co.'s profit climbed in the first quarter as higher interest rates boosted its consumer business in a period that saw two of the biggest banking failures in U.S. history.

The bank's profit increased 52% to $12.62 billion, or $4.10 per share, in the three months ended Mar. 31, compared with $8.28 billion, or $2.63 per share, a year ago.