JPMorgan 2Q profit jumps 36 pct, topping forecasts

CHARLOTTE, N.C. (AP) — JPMorgan Chase & Co. posted a second quarter profit of $2.72 billion, a 36 percent jump that easily surpassed expectations as strength in its core consumer and investment banking businesses offset a jump in credit losses.

Shares of the New York-based banking giant fell 1 percent in premarket trading to $35.90.

JPMorgan, the second big financial institution in a week to release upbeat earnings news, reported net income of $2.72 billion, or 28 cents per share, up 36 percent from $2 billion, or 53 cents per share, a year earlier. Revenue rose 39 percent to $25.62 billion from $18.4 billion.

Earnings per share fell despite an increase in profit because the company had more stock outstanding in the most recent quarter ending June 30.

Analysts forecast earnings of 4 cents per share on revenue of $25.89 billion for the quarter.

The profit came despite a $1.1 billion charge, or 27 cents a share, as JPMorgan repaid in full $25 billion in loans it received from the government as part of the Troubled Asset Relief Program, or TARP. The bank was also hit by a 10-cents-a-share FDIC special assessment penalty.