Propped up by its investment banking division, JP Morgan
Chase & Co.’s second-quarter profit in
2009
surpassed its own expectations. However, auto loan originations
dipped from both the prior year and prior quarter.
The second-largest U.S. bank reported second-quarter
profits of $2.7 billion, up from $2 billion a year earlier, and record revenue
of $27.7 billion. Fueling its performance was its investment banking unit, which
offset the $672 million loss in its credit card
operations.
Average auto loans for the period dropped 4 percent to
$43.1 billion, while auto originations dropped 5 percent from the prior year and
quarter to $5.3 billion.
“We are pleased that, despite a continued difficult
economic environment, we were able to report $2.7 billion in earning and record
revenue of almost $28 billion,” said Jamie Dimon, chairman and CEO. “Of
particular note, the investment bank reported record overall revenue for the
first half of the year. In additional, commercial banking, asset management,
treasury and securities services and retail banking each delivered another
quarter of solid performance.
“These results were negatively affected by
the continued high levels of credit costs in consumer lending and card services,
which we expect will remain elevated for the foreseeable
future.”