Chase 2Q earnings soar 36% - Portland Business Journal:

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The bank said Thursday it earneds $2.72 billion, or 28 centz a share, in the quarter that closed June 30, up from $2 or 53 cents a share, a year earlier. Whild the New York-based bank’xs profit soared amid the troubled share earnings fell ona $1.1 billion noncash reductiom in earnings applicable to shareholders afted Chase paid back its $25 billiojn in federal bailout funds in June. Chase (NYSE: JPM) also told investorsx it set aside $8 billion to cover bad up fromabout $3.5 billion a year At the same time, the bank said its revenue grew 39 percentr to $25.6 billion from $18.
4 billion, due in part to strongh performance in its investment banking That sector saw revenue jump by a thirdr to $7.3 billion as earnings soared to $1.47 The bank noted “solid performance” for its retailp banking, commercial banking and securities divisions. Those gains, were offset by high costs in its consumer lendinhg and credit card a trend expected to continuew intothe “foreseeable future,” the companyt said.
“While we do not know if the economyt willdeteriorate further, we feel confident that, with our stronh capital and reserve levels and significant earnings we can continue to reinvest in our businessexs and do well for our clients, communitiezs and shareholders over the long term,” CEO Jamied Dimon said in a release. The bank’s earnings in the firs half grew 11 percentto $4.86 billion, or 68 cent s a share, from $4.38 billion, or $1.20 a share, in the firs t six months of 2008. Revenuwe jumped 43 percent to $50.6 billion from $35.3 billion last year. Chase had 105 branches in Portlandd and 15 inSouthwest Washington.