JPMorgan Chase becomes second US bank to report rise in profits

| July 16, 2009 | 0 Comments
JPMorgan Chase becomes second US bank to report rise in profits

JPMorgan Chase has today announced a surge in profits for the April to June period. The bank said net profit for the quarter totalled $2.72 billion (£1.6 billion) - an increase of 36% compared with the same period a year ago.

Meanwhile, the bank said revenues at increased 41% to a record $27.7 billion.

The announcement comes just a few days after investment bank Goldman Sachs exceeded analysts expectations by reporting a net profit of $3.4 billion (£2.1 billion) for the second quarter.

Returning to JPMorgan Chase, the rise in profits comes despite taking a hit of $1.1 billion hit from repaying the bank’s $25 billion Troubled Asset Relief Program loan last month.

However, the rise brings optimism among analysts who said the results from both banking giants could signal an end to the crisis.

JP Morgan’s chairman and chief executive, Jamie Dimon, said the bank is confident that it will continue to perform well even if the economic climate worsened.

Meanwhile, share prices reacted well to the news with stock markets up across the world.

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