JP Morgan profit rises by 76 per cent
JP Morgan has reported a 76 per cent rise in net profit – fuelled by a reduction in loan loss reserves.
The group said profit for the quarter rose to $4.8bn (£3.1bn) or $1.09 a share, from $2.72bn, or 28 cents a share, a year earlier.
Meanwhile total revenue fell by two per cent to $25.1bn.
The company said its results include a 36 cents-a-share benefit from a $1.5bn reduction in its loan loss reserves.