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7/16, 12:51 PM (Source: TeleTrader)
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JPMorgan's profit surges 23.1% to $2.82 per share

JPMorgan Chase and Co. said on Tuesday that consumer confidence, "solid" hiring pace and the rise in paychecks in the United States helped it achieve double-digit growth in credit card sales and merchant processing. The country's largest bank reported net income of $9.65 billion for the second quarter or 16.1% more than in the comparable period of last year on a 3.6% increase in revenue to $28.8 billion. It translates to earnings of $2.82 per share or a stunning 23.1% more than in 2018. However, total earnings were underpinned by a one-off $768 million tax benefit.

Corporate and investment banking brought $2.94 billion in profit, a slump of 8.2% on an annual scale, attributed by chief executive Jamie Dimon to "slightly higher global macroeconomic and geopolitical uncertainties." Turnover in the segment fell 2.8% to $9.64 billion.

Managed revenues, an adjusted measure which the lender highlights, advanced 4.1% to $29.57 billion and noninterest expenses jumped 2.3% to $16.34 billion.

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