JPM : JPMorgan 2Q Profit Jumps 76%
Category Finance | Thursday, July 15th, 2010J.P. Morgan Chase & Co. (JPM) generated stronger results than expected as it is recovering from its wounds caused by soured loans.
For the first time since the American economy started to recover, it was Main Street rather than Wall Street that lifted the bank’s second quarter earnings, by 76% from a year earlier, to $4.8 billion.
The nation’s third largest bank by assets topped analysts’ estimates and improved net income in every line of business except investment banking–helped by a 23% reduction in reserves for loans unlikely to be paid back.