Jul 12, 2013 7:49 AM by Associated Press

JPMorgan's second-quarter profit surges

NEW YORK (AP) - 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 percent 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 percent 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 percent this year.


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