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Sunday, October 23, 2016

JPMorgan Chase Profits Up, Sees Slow Recovery

JPMorgan Chase Profits Up, Sees Slow Recovery

NEW YORK (AFP) – U.S. banking giant JPMorgan Chase Friday logged a 31 percent increase in quarterly profits, but gave a mixed report on the status of the economic recovery.

JPMorgan’s second quarter profit came in at $6.5 billion on revenues of $25.2 billion, up from last year’s income of $5.0 billion on revenues of $22.2 billion.

The results showed a healthy 19 percent increase in profits from the corporate and investment bank unit to $2.8 billion.

The year-over-year comparison also benefitted because the bank last year took a $4.4 billion charge due to the so-called “London whale” debacle, a large trading loss in its chief investment office.

But results in other key divisions were mixed. Profits in the consumer and community division shrank 6 percent compared with last year to $3.1 billion, while income in commercial bank fell 8 percent to $621 million.

Average business banking loans at $18.7 billion were up 4 percent from the prior year, but flat compared with the prior quarter.

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