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Rediff News  All News  » Business » JPMorgan Q2 profit at $2.72 bn

JPMorgan Q2 profit at $2.72 bn

July 16, 2009 20:11 IST

Financial services major JPMorgan Chase on Thursday posted 36 per cent surge in the second-quarter profit at $2.72 billion, propelled by a steep rise in investment banking fees.

JPMorgan, which recently repaid Federal funds worth $25 billion, raked in profit worth $2.72 billion on revenues of $25.6 billion for the three months ended June.

The profits have jumped 36 per cent compared to $2 billion in the same period a year ago, the firm said in a statement.

It had a profit of $2.14 billion in the first quarter of this fiscal.

Investment banking fees were up 29 per cent to a record $2.2 billion and includes advisory fees worth $393 million. Further, the equity underwriting fees received by the entity rose by $561 million to a record $1.1 billion.

The company's encouraging results came days after another Wall Street giant Goldman recorded a bumper second quarter profit at $3.44 billion.

"We are pleased that despite a continued difficult economic environment we were able to report $2.7 billion in earnings and record revenue of almost $28 billion (on managed basis)," JPMorgan Chase's chairman and chief executive officer Jamie Dimon said.

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