Net profits for the US's third largest bank rose by 32 per cent over the last three-month period to reach $3.3 billion, thanks largely to a 44 per cent rise in investment banking fees which topped $1.4 billion – a record for JP Morgan.
The earnings also exceeded analysts' expectations, with profits equivalent to $0.92 per share beating the $0.86 per share predicted by analysts surveyed by Thomson Financial.
Advising on mergers and acquisitions was also a strong area of business for the bank, with fees from that side of the business also reaching record levels, up 44 per cent from a year earlier.
However, investors seemed unimpressed by the strong performance, with share prices falling following the news with concerns raised over the longevity of the investment banking boom, and concerns over the bank's retail banking business.
