JPMorgan Chase profits rise 36%

17 July 2009

JPMorgan Chase has posted a net profit of $2.72 billion for the second quarter.

The figure, which is 36 per cent higher than that recorded during the same period last year, shows that confidence among US banks is improving, analysts stated.

Revenue at the financial institution rose 41 per cent to $27.7 billion. This, according to Agence France Presse, was higher than the $25.9 billion that had been expected.

Profits equated to 28c per share, greater than the 4c analysts had forecast.

Chairman and chief executive officer Jamie Dimon said that the bank was "pleased" to achieve the results in a "difficult economic environment".

"We have remained committed to doing our part to help bring stability to the communities in which we operate and to the financial system overall," he added.

JPMorgan Chase is the second US bank to reveal strong second-quarter earnings, with Goldman Sachs posting a profit of $3.44 billon earlier this week.

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