JPMorgan Profit Rises 76% on Cut in Bad-Loan Reserve
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JPMorgan Chase & Co., the second-biggest U.S. bank by assets, said profit rose 76 percent, buoyed by a $6.3 billion reduction in provisions for soured mortgages and credit-card loans from last year.
Second-quarter net income climbed to $4.8 billion, or $1.09 a share, even as revenue fell 7.6 percent, the New York-based company said today in a statement. The bank earned $2.72 billion, or 28 cents, in the same period a year earlier and $3.33 billion in the first quarter.