JPMorgan Chase said profits rose sharply in the second quarter as the bank cashed out billions of dollars in its holdings in Visa Inc. But the bank’s results were also helped by higher interest rates, as well as consumers who still seemed eager to…
NEW YORK — JPMorgan Chase’s profit surged in the second quarter as the bank cashed out billions of dollars in its Visa Inc. holdings. But the bank’s results were also helped by higher interest rates and consumers who still seemed eager to spend despite geopolitical and economic uncertainties.
The nation’s largest bank by assets posted a profit of $18.15 billion on Friday, up 25 percent from a year earlier. On a per-share basis, JPMorgan earned $6.12 a share, beating analysts’ estimates.
A key part of JPMorgan’s results was a $7.9 billion gain on its stake in Visa. The bank converted its ownership in the payment processing giant into common stock in the second quarter. The bank also donated $1 billion of Visa stock to JPMorgan’s philanthropic organization.
Excluding profit, earnings were down from the same quarter a year earlier.
