JP Morgan reports $2.7 billion profit

 
It reported a net income of $2.72 billion, or 28 cents per share, up 36 per cent from $2 billion, or 53 cents per share, a year earlier. Revenue rose 39 per cent 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. 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.

Chief Executive Officer Jamie Dimon said he was pleased with the results, even as the company’s numbers were weighed down by higher credit costs, particularly in its consumer lending and credit card businesses.

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