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JPMorgan second-quarter profit surges, beating estimates

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FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase & Co. reports quarterly financial results before the market opens on Friday July 12, 2013. (AP Photo/Mark Lennihan, File)

NEW YORK, N.Y. – JPMorgan Chase, the country’s biggest bank by assets, says its second-quarter earnings surged as consumer deposits rose and credit card volumes increased.

The bank made $6.1 billion in the second quarter after stripping out payments to preferred shareholders. That was up 32 per cent from the same period a year ago, when it made $4.6 billion.

That amounts to $1.60 per share. That exceeded the estimates of analysts polled by FactSet, who had forecast earnings of $1.44 per share.

Revenue in the period grew by 14 per cent to $25.2 billion. That compared with $24.9 billion forecast by analysts.

Shares were little changed at $55.14 in pre-market trading. The bank’s stock is trading close to its highest in more than a decade and has gained 25 per cent this year.

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