JPMorgan Chase Posts $2.7 Billion Profit

JPMorgan Chase Posts $2.7 Billion Profit
Copyright By THE ASSOCIATED PRESS
Published: July 16, 2009
http://www.nytimes.com/aponline/2009/07/16/business/AP-US-Earns-JPMorgan-Chase.html?hp


CHARLOTTE, N.C. (AP) -- JPMorgan Chase says its second-quarter profit easily surpassed expectations as profit was buoyed by strength in its investment banking business.

The New York-based banking giant, the second big financial institution in a week to release upbeat earnings news, says it earned $2.72 billion, or 28 cents per share, up from $2 billion, or 53 cents per share, a year earlier.

Analysts forecast earnings of 4 cents per share for the quarter.

JPMorgan also recorded a charge of 27 cents per share as it repaid the government's $25 billion investment in the bank as part of the Troubled Asset Relief Program.

The bank's results follow strong earnings from Goldman Sachs earlier in the week.