JPMorgan Chase has posted $2.7 billion profit in its second quarter, a 36% increase over the same period last year. The bank’s net revenue has increased 41% to $27.7 billion since last year, driven in part by “record” investment banking fees, according to the group. The benefit of the profits were 28 cents a share, four cents higher than expected.
However, JPMorgan Chase chairman and CEO Jamie Dimon seemed concerned about the business climate surrounding these profits.
“[These] results were negatively affected by the continued high levels of credit costs in consumer lending and card services, which we expect will remain elevated for the foreseeable future,” said Dimon.
The profits come after the bank repaid its full $25 billion TARP loan with $795 million in dividends in June. The quarter’s earnings reflected a one-time, non-cash reduction of net income for common stockholders of 27 cents per share due to the repayment of the TARP.
“Throughout this crisis, we have remained committed to doing our part to help bring stability to the communities in which we operate and to the financial system overall,” said Dimon.
The firm also boasted of the additional lending they gave out during the recession. Dimon predicted the abilities of the bank to prevent forclosures will grow.
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