17 Jul 2009

JPMorgan Chase profits soar 36%

6:03 am on 17 July 2009

JPMorgan Chase has become the second major bank in the United States to report a big rise in profits for the April - June period.

Net profit for the second quarter totalled $US2.72 billion - an increase of 36% on the same period last year.

Revenues at the company rose 41% to a record $US27.7 billion. Its results come two days after Goldman Sachs reported a second quarter profit of a $US3.44 billion.

Analysts said the results underscored growing confidence among banks and could signal an end to the crisis.

JP Morgan has repaid in full $US25 billion received as part of a bank bail-out by the federal government in October last year.

The bank has set aside $US3.9 billion to provide for credit losses at its retail operations.

The BBC reports the results were better than many analysts had expected and lifted share prices worldwide.