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18th of July 2011
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JP Morgan profits up 13%

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by Kay Mitchell

The US banking reporting season has got off to a good start today after JP Morgan reported a 13% increase in profits to $5.4 billion (£3.3 billion) – exceeding analysts’ expectations.

Furthermore, revenues were 7% higher in the three months to the end of June at $27.4 billion.

The good performance comes despite losses from bad mortgage debt.

Meanwhile, net profits at its investment bank came in at $2 billion, while those at its commercial arm totalled $607 million.

The bank, which is the second largest in the US by assets, saw its shares advance 3% after the announcement.

Other US banking giants will report their results in the next few days.

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News posted: July 14, 2011

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