- news.uk.msn.com
AP - 18.07.2007 12:38
Major US bank JPMorgan Chase 2nd-quarter earnings increase 20 percent on invest't bank'g fees JPMorgan Chase & Co. on Wednesday said its profit jumped 20 percent in the second quarter, as the United State's third-largest bank benefited from a surge in investment banking fees. The New York-based bank said net income totaled $4.2 billion (euro3.1 billion), or $1.20 a share, in the April to June period, up from $3.5 billion, or 99 cents a share, in the same period a year earlier. Revenue rose to $18.91 billion (euro13.7 billion), up from $15.09 billion a year earlier. The results beat the forecast of $1.09 per share earnings on $17.62 billion in revenue by analysts surveyed by Thomson Financial. Net income from investment banking was $1.18 billion euro860 million), up 41 percent compared with the year-ago period, as JPMorgan saw record investment banking fees amid a surging stock market. JPMorgan's retail banking business saw a 10 percent profit decline, hurt by decreases in regional banking and auto finance. The results were helped by an improvement in the company's mortgage banking business, however.
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