{"id":460875,"date":"2011-07-14T12:18:35","date_gmt":"2011-07-14T12:18:35","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/14\/jp-morgan-profits-exceed-targets\/"},"modified":"2011-07-14T12:18:35","modified_gmt":"2011-07-14T12:18:35","slug":"jp-morgan-profits-exceed-targets","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/14\/jp-morgan-profits-exceed-targets\/","title":{"rendered":"JP Morgan profits exceed targets"},"content":{"rendered":"

14 July 2011<\/span> Last updated at<\/span> 08:18 ET<\/span><\/span><\/p>\n

JP Morgan Chase has reported a 13% rise in quarterly profits, beating market estimates, driven by its commercial and investment banking divisions.<\/p>\n

Net profits at the US group totalled $5.4bn (\u00a33.3bn) in the three months to 30 June, up from $4.8bn a year earlier.<\/p>\n

Revenues at its commercial banking arm reached an all-time high, and were “strong” at the investment business.<\/p>\n

The bank’s retail unit also made a profit, despite continuing losses from bad mortgage debt.<\/p>\n

Quarterly revenues at JP Morgan Chase were up 7% to $27.4bn.<\/p>\n

‘Positive tone’<\/span><\/p>\n

The bank said its latest results reflected “sold performance across most of our businesses”.<\/p>\n

Net profits at its investment bank totalled $2bn, while those at its commercial arm came to $607m.<\/p>\n

Its retail banking division made a net profit of $582m, despite bad debt losses of $454m.<\/p>\n

JP Morgan is the first of the big US banks to report its second quarter results.<\/p>\n

Analyst Peter Cardillo, chief market economist at Avalon Partners, said: “It’s good to have a big bank come out and beat estimates.<\/p>\n

“It sets a positive tone for other commercial banks.”<\/p>\n<\/div>\n

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