JPMorgan Chase record profits of $2.7bn

by Richard Kilner

Story link: JPMorgan Chase record profits of $2.7bn

JPMorgan Chase & Co. (NYSE: JPM) has recorded net income in the second quarter of this year totalling $2.7bn, a rise compared to the same period in 2008 of 36%, or $700m.

Net income was also up on the first quarter of this year, when it was recorded at $2.1bn.

Earnings per share stand at $0.28, compared to $0.53 in Q2 2008.

Chairman and CEO Jamie Dimon has expressed his pleasure at the fact that despite ongoing difficulties in the operating environment the bank managed to record a net income of $2.7bn with revenue almost reaching $28bn.

Dimon went on to single out the investment banking arm’s particularly strong performance, praising its half-year record revenue total and its quarterly record fees and Fixed Income Markets revenue.

The results come shortly after Goldman Sachs confounded expectations with a stronger than expected quarterly profit of $3.4bn.