JPMorgan Q2 profit soars 76 pc to $4.8b

The Wall Street major, which tackled the financial meltdown without any quarterly losses, had a profit of US$2.72 billion in the same period a year ago. The second-quarter revenues fell to $25.1 billion from $ 25.6 billion in the comparable period. “Our net income increased to $4.8 billion, including the benefit from a $1.5 billion reduction of loan loss reserves... partially offset by a charge of $550 million for the UK bonus tax,” JPMorgan Chase Chairman Jamie Dimon said.

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