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JPMorgan Profits Surge in Q2

JPMorgan Chase reported its second-quarter earnings on Friday, with the banking corporation’s profit hitting $14.5 billion; a 67% rise from the previous year. Its revenue of $41 billion was up 34%.

“The US economy continues to be resilient,” JPMorgan CEO Jamie Dimon commented following the release of the earnings results. “Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly.”

Stocks in JPMorgan rose by 3% during pre-market trading on Friday.

JPMorgan proved its dominance over the banking industry, winning a government-run auction to purchase the majority of the operations of First Republic Bank after the bank was seized by U.S. regulators. The acquisition added $2.4 billion in net income to JPMorgan, the bank confirmed on Friday morning.

Net interest income, which is the difference between what the bank charges on loans and pays on deposits, rose by 44% from a year ago to $21.9 billion.

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