JPMorgan Chase & Co, the second-largest US bank, said net income rose 13 per cent, higher than analysts estimated, as more borrowers paid on time and the bank reduced credit-card loan-loss reserves by $1 billion.
Second-quarter net income climbed to $5.43 billion, or $1.27 a share, from $4.8 billion, or $1.09, in the same period a year earlier and compared with a record $5.56 billion, or $1.28, in the first quarter, the New York-based company said today in a statement. The average per-share estimate for earnings was $1.21, projected by 28 analysts.
JPMorgan, led by Chief Executive Officer Jamie Dimon, was the most profitable US bank last year.