JP Morgan Chase has reported a 13% rise in quarterly profits, beating market ballpark figure, driven by its commercial and investment banking divisions. Net profits at the US group entirety $5.4billion in the three months to 30 June, up from $4.8billion the previous year.
Profits at its commercial banking section reached an all time high, and look sturdy at the investment business. The bank’s retail unit also made a profit, despite continuing losses from bad mortgage debt.
Quarterly profits at JP Morgan Chase were up 7% to $27.4billion. The bank said its latest outcome reflected solid performance across most of their businesses. Net profits at its investment bank totaled $2billion, while those at its commercial wing came to $607million.
Its retail banking division made a net profit of $582million, despite bad debt losses of $454million. JP Morgan is the first of the big US banks to report its second quarter results. Analyst say It’s good sign when a big bank come out and beat guesstimates. It sets a positive tone for other commercial banks.