JPMor­gan’s loan losses slow­ing

Austin American-Statesman - - BUSINESS -

JPMor­gan Chase & Co. said its sec­ond-quar­ter net in­come soared 77 per­cent to $4.8 bil­lion as a slow­down in losses from failed loans helped off­set a dif­fi­cult spring in trad­ing and in­vest­ment bank­ing.

JPMor­gan, the first of the big banks to re­port earn­ings for the April-June pe­riod, eas­ily sur­passed an­a­lysts’ ex­pec­ta­tions as it earned $1.09 a share, up 28 cents a share from a year ear­lier. An­a­lysts had fore­cast a profit of 67 cents a share in the past quar­ter.

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