15 Jul 2011

Rise in quarterly profits at JP Morgan

8:45 am on 15 July 2011

JP Morgan Chase has reported a 13% rise in quarterly profits, driven by its commercial and investment banking divisions.

Net profits at the group totalled $US5.4 billion in the three months to 30 June, up from $US4.8 billion a year earlier.

Revenues at its commercial banking arm reached an all-time high.

The bank's retail unit also made a profit, despite continuing losses from bad mortgage debt.

The BBC reports quarterly revenues at JP Morgan Chase were up 7% to $US27.4 billion.

Net profits at its investment bank totalled $US2 billion, while those at its commercial arm came to $607m.

Its retail banking division made a net profit of $US582 million, despite bad debt losses of $US454 million.

JP Morgan is the first of the big banks in the United States to report its second quarter results.