By Elliot Gulliver-Needham JP Morgan’s profit surged above expectations to $13.4bn in the first quarter of this year, up from $12.6bn a year earlier, thanks to higher interest rates and its takeover of First Republic. Revenue for the bank totalled $42.6bn, above expectations of $41.9bn, while earnings per share sat at $4.44, compared to estimates of $4.11. Significantly, the bank posted a $1.9bn provision for credit losses in the quarter, 17 per cent smaller than a year ago and far below the $2.7bn expected by analysts. JPMorgan added billions in loans to its balance sheet after acquiring Firs…