JP Morgan announces leap in profits

15 July 2013

JP Morgan has seen a boost in its balance sheet in the second quarter of 2013.

The institution recorded $6.5 billion in profit, which was up 32 per cent from 12 months ago.

Net revenues at its large retail bank were slightly down from last year, while its investment bank saw a ten per cent rise.

However, the large gains have been flattered by the losses that incurred in 2012, which totalled $6.2 billion.

The results are the first released by the bank since chairman and chief executive Jamie Dimon won a shareholder vote earlier in the year on whether he should hold both positions.

In a statement he said the results showed a "strong performance across our businesses".

"We continue to see broad-based signs that the US economy is improving and we are hopeful that, as jobs are added and confidence builds, the US economy will strengthen over time," he added.

Meanwhile, Wells Fargo reported a 20 per cent rise in quarterly profits to $5.27 billion as it put aside less money for bad loans.

By Gary Cooper

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