JPMorgan's 2Q profits surge 25% thanks to one-time gain and Wall Street revival
How much did JPMorgan's net income increase from last year?
JPMorgan's net income increased by 25% from the same period a year ago, driven by a one-time accounting boost and a Wall Street revival. Excluding the $8 billion gain from exchanging shares in credit card giant Visa, JPMorgan earned $13.1 billion in the second quarter.
What was the value of the gains from Visa shares exchange?
The gains from JPMorgan's share exchange deal with Visa amounted to approximately $8 billion. This one-time accounting boost significantly contributed to the 25% surge in JPMorgan's second-quarter profits.
What caused JPMorgan's 2Q profits to surge 25%?
JPMorgan's 2Q profits surged 25% due to a one-time accounting boost from an exchange of shares in Visa, contributing roughly $8 billion in gains, and a revival in investment banking as fees from that business rose 50% from last year. However, the bank faced challenges such as high interest rates, elevated deposit costs, and weak loan demand.