JPMorgan Profit Up On Record Rev;Loan Losses Hurt

JPMorgan Chase & Co. (JPM) posted record net revenue, driven by stellar investment banking results, but rising loan losses continue to eat into profits.

The bank's second-quarter profit rose 36% from a year earlier and 27% from the previous quarter, to $2.7 billion. Fees from underwriting and investment banking advisory rose 29% from a year earlier and 62% from the first quarter to $2.2 billion, were a "record for any investment bank in any quarter," Chief Financial Officer Michael Cavanagh said during a conference call with reporters.

Investment banking profit smashed analysts' expectations, just as fellow Wall Street titan Goldman Sachs Group Inc. (GS) did Tuesday. Notably absent from the quarter were, for the first time since the financial crisis, writedowns tied to leveraged loans.

Read Full Article from Wall Street Journal

- Posted: 2009-07-16 13:55:19

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