The New York bank reported Thursday that it earned $5.4 billion, or $1.27 per share in the three months ending in June. That was above the $1.22 per share that analysts surveyed by FactSet had forecast. JPMorgan earned $4.8 billion, or $1.09 per share, in the same period a year ago.
Investment banking income jumped 49 percent, to $2.1 billion, as the bank collected higher fees. The bank set aside $2.6 billion for compensation to its investment bankers, down from $2.9 billion in the same period last year.
Even in credit cards, a bright spot in recent quarters, JPMorgan's customers weren't spending as much, reflecting a lack of confidence in the economy. The total amount of credit card debt held by JPMorgan fell 12 percent compared with a year ago as its customers spent less. JPMorgan reduced its loan loss reserves by $1 billion as more people paid their bills on time.
JPMorgan's stock rose 2 percent to $40.57 in pre-market trading Thursday.
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