New York ? JPMorgan Chase & Co.’s first-quarter profit wasn’t as good as last year’s, but it told investors what they wanted to hear: Banking isn’t dead.

JPMorgan became the third big bank in a week to release upbeat earnings news, reporting Thursday that it earned $2.14 billion for the January-March period, thanks to both strong trading activity and banking to consumers.

The company’s performance added to the evidence that the financial industry is starting to recover from the devastating losses caused by the credit crisis and the recession, even as banks still contend with rising loan defaults.

The bank’s chief executive also said that it could pay back its $25 billion in government funding immediately, and that it has no intention of using the government’s Public-Private Investment Program to sell so-called “toxic assets” such as mortgage-backed securities.

Banks that have accepted federal bailout funds are now subject to greater government scrutiny and limits on how much they pay their top executives.