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JPMorgan Chase & Co is expected to post an increase in first-quarter profit of more than 50 percent on Wednesday, as the bank weathers a slowdown in trading and fewer borrowers default on credit card loans.

Analysts on average expect the second-largest U.S. bank earned $1.16 a share, according to Thomson Reuters I/B/E/S. That compares with a year-earlier profit of 74 cents a share.

JPMorgan is the first of the major U.S. banks to report earnings and is expected to set an upbeat tone for the sector, showing an improvement in credit quality and only moderate trading losses. The bank is closely watched for its broad exposure to both consumer and investment banking.

A big driver for the improved performance is expected to be JPMorgan's credit card business, which lost $303 million in the first quarter of 2010, but seems to be turning around. In the fourth quarter, it earned $1.3 billion.

"It's not like credit is fantastic right now, but we're moving the right way pretty quickly," Jeff Harte, a bank analyst at Sandler O'Neill, said in an interview on Tuesday.

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