The US firm JP Morgan has seen a very strong rise in its profits in the second quarter of this year because of the fall in loan losses. This US bank has earned an income of 4.8 billion dollars, which is above a 75% rise as compared to the income of 2.7 billion dollars in the same period of time in last year.
According to the experts this profit of 2.1 billion dollars has been possible because of the 1.5 billion dollars fall in the loan losses.
Despite of this huge profit the share price of the bank fell down by 1.5% in the first half trading and the poor economy news in US could be the reason behind this stock price fall.
The bank has estimated a charge of 550 million dollars to deal with the latest 50% bonus tax of UK in this quarter.
The bank has also mentioned about its concerns over its credit card business, home loan business and the chief executive expresses his worries about the housing market.
The US-based bank was ranked down slightly in 2009 as its revenues fell down by 13%.
- Lydia, First Great White Shark Known to Swim from One Side of Atlantic to Other
- Robots to Walk Streets within 10 Years
- Bitcoin investors call for protection after collapse of two major Bitcoin platforms
- South Yorkshire cottage has been crashed into by 40 cars over last 14 years
- Doctors to Reconstruct People's Faces with Stem Cells from their Fat