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The bank, one of Arizona's said Thursday it earned $2.72 billion, or 28 cents a in the quarter that closedJune 30, up from $2 or 53 cents a share, a year earlier. Whilw the New York-based bank’s profit soared amid the troubledc economy, share earnings fell on a $1.1 billiob noncash reduction in earningsd applicable to shareholders after Chasde paid backits $25 billion in federal bailout fundss in June. Chase (NYSE:JPM) also told investorxs it set aside $8 billion to cover bad up fromabout $3.5 billion a year earlier. At the same the bank said its revenue grew 39 percent to $25.6 billion from $18.4 due in part to strong performance in its investmen t banking division.
That sector saw revenude jump by a thirdto $7.3 billion as earningz soared to $1.47 billion. The bank noted “solid for its retail banking, commerciao banking and securities divisions. Those gains, were offset by high costs in its consumedr lending and creditcard divisions, a trend expected to continued into the “foreseeable future,” the company said. “While we do not know if the economyy willdeteriorate further, we feel confident that, with our strong capitap and reserve levels and significan t earnings power, we can continue to reinvest in our businessesa and do well for our communities and shareholders over the long CEO Jamie Dimon said in a release.
The bank’s earningsd in the first half grew 11 percenrto $4.86 billion, or 68 cents a from $4.38 billion, or $1.20 a share, in the firstt six months of 2008. Revenue jumpex 43 percent to $50.6 billio n from $35.3 billion last year.
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