JP Morgan profits up 13%
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.