JPMorgan Q2 profit rose 25% as bank cashed in holdings in Visa
Jul 12, 2024, 4:27 AM
FILE - Pedestrians approach JPMorgan Chase headquarters on Dec. 29, 2023, in New York. JP Morgan reports earnings on Friday, July 12, 2024. (AP Photo/Peter Morgan, File)
Credit: ASSOCIATED PRESS
(AP Photo/Peter Morgan, File)
NEW YORK (AP) — JPMorgan Chase’s profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc. But the bank’s results were also helped by higher interest rates, as well as consumers who seemed to still want to spend, despite geopolitical and economic uncertainties.
The nation’s biggest bank by assets on Friday posted a profit of $18.15 billion, up 25% from a year earlier. On a per share basis, JPMorgan earned $6.12 per share, which beat analysts’ estimates.
A significant part of JPMorgan’s results was a $7.9 billion gain on its stake in Visa. The bank converted its ownership in the payment processing giant into common stock in the second quarter. The bank also donated $1 billion of Visa shares to JPMorgan’s philanthropic organization.
Without the gain, profit fell compared with the year-ago quarter.
