JP Morgan closed the second quarter with net profits up 31% on an annual basis, at 6,5 billion euros (1,60 dollars per share), on a turnover of 25,21 billion. The performance is better than expected by analysts, who expected steady profits of 5,6 billion (1,44 dollars per share), and revenues of 24,96 billion.
In the same period last year, JP Morgan made profits of $4,96 billion on revenues of $22,18 billion. However, the losses of over 2012 billion dollars linked to the "London Whale" scandal weighed on the result for the second quarter of 6,2.
According to what was reported by the Bank itself, the above-expected results are almost entirely attributable to lower provisions for credit losses. Tier 1 capital stood at 10,4% at the end of the quarter.
