Boston, MA 05/15/2013 (wallstreetpr) – The largest US bank by assets, JP Morgan Chase & Co. (NYSE:JPM), reports higher revenue for the present quarter than during the same period of the previous year. This revenue had been generated by the bank’s trading in bonds and equities.
Increase in revenues
The co-head of JP Morgan’s corporate and investment bank, Michael Cavanagh, reported that the bank had registered revenues which are 10 to 15 percent higher than the second quarter of 2012. The bank is normal to register higher revenues usually in the first quarter of the year, propelled by businesses taking more loans and debts at the beginning of the year.
However, this increase in revenue registered in the second quarter is quite unusual and would support JP Morgan Chase & Co. (NYSE:JPM) to turnaround its business which slipped 5.2 percent in the first quarter of 2013.
JP Morgan Chase & Co. (NYSE:JPM) jumped by 1.4 percent to $50.38 in the New York Stock Exchange. The company had registered 15 percent growth in its share prices for this year, comparable to the 16 percent growth in 24 companies KBW Bank Index.