JP Morgan Chase profits exceeds expectations

| July 15, 2010
JP Morgan Chase profits exceeds expectations

Wall Street banking giant JPMorgan has kicked off the banking reporting season today with better-than-expected second quarter profits – due to better credit conditions.

The bank reported net income of $4.8 billion (£3.1 billion) – a 75% increase on the $2.7 billion reported in the same period a year ago.

Today’s figures from JP Morgan will no doubt raise hopes that other lenders will report healthy results over the next week, after the challenging times recently due to fears over European sovereign debt.

However, JP Morgan’s chairman and chief executive, Jamie Dimon, appeared to be optimistic that the worst is over – for the bank and the industry as a whole.

Meanwhile, the bank said it incurred a charge of $550 million for the second quarter – to cover the UK’s new 50% bonus tax.

Shares in the bank were up 0.6% in pre-market trading to $40.58.

Bank of America and Citigroup Inc are due to report their second quarter results tomorrow.

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