US banking giant JPMorgan Chase yesterday logged a 31% increase in quarterly profits, but gave a mixed report on the status of the economic recovery.
JPMorgan’s second quarter profit came in at $6.5bn on revenues of $25.2bn, up from last year’s income of $5.0bn on revenues of $22.2bn.
The results showed a healthy 19% increase in profits from the corporate and investment bank unit to $2.8bn.
The year-over-year comparison also benefited because the bank last year took a $4.4bn 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% compared with last year to $3.1bn, while income in commercial bank fell 8% to $621mn.
Average business banking loans at $18.7bn were up 4% from the prior year, but flat compared with the prior quarter.
Chief executive Jamie Dimon said the pace of the economic recovery remains fairly slow.