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'Highest-ever' half-year profit for JPMorgan

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'Highest-ever' half-year profit for JPMorgan
JPMorgan has recorded its highest-ever half-year profit, beating the estimates of many analysts in the process.

The lender's second-quarter net income increased by 13 per cent when compared with the same period in 2010, rising to $5.43 billion or $1.27 per share.

Bloomberg noted this was six cents greater than the average predictions earlier made by a group of experts questioned by the news agency.

The positive results were bolstered by gains made through underwriting stocks and bonds, coupled with reductions in reserves relating to credit card losses.

It means shares in the institution - which has clients spread out across the globe in more than 100 countries - leapt by as much as 4.1 per cent, marking the most considerable jump in eight months.

In an interview with Bloomberg Radio, Holland and Company representative Michael Holland said of JPMorgan: "It's set a high bar for the rest of the industry in a very difficult environment."

By Gary Cooper

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