New York - JP Morgan Chase & Co, the second-largest US bank, on Thursday reported second-quarter profits of 2.7 million dollars, up 36 per cent from a year ago. The bank posted profits for the first time since 2007, buoyed largely by revenue from its investment banking division, which offset credit card losses.
It lost 672 million dollars in its credit card operations, compared with a second-quarter income of 250 million dollars the previous year, and projected further losses until 2010 amid the ongoing recession.
Last month, JP Morgan returned 25 billion dollars in government bail-out funds.
