JPMorgan Chase posts $9.7 billion profit

The Associated Press//July 16, 2019//

(AP file photo)

(AP file photo)

The Associated Press//July 16, 2019//

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NEW YORK — Banking giant JPMorgan Chase & Co. said Tuesday that its second quarter profits grew by 16% from a year ago, helped by lower taxes and the ability to charge businesses and consumers more to borrow money.

The nation’s largest bank by assets said Tuesday that it earned $9.65 billion, or $2.82 per share, up from a profit of $8.32 billion, or $2.29 per share, a year earlier. The results beat the forecasts of analysts, who were looking for JPMorgan to earn $2.50 a share, according to FactSet.

JPMorgan had an especially strong quarter in its consumer banking division, historically its largest business by revenue and profits. The business posted a pretax profit of $4.17 billion, up 22% from a year earlier, helped by a big boost in interest income.

JPMorgan’s investment banking division did not fare as well, posting an 8% decline in pretax profits. Investment banking revenue was down 9% from a year earlier, as more companies sat on the sidelines due to economic uncertainty, resulting partly from U.S. trade disputes with China and other countries.

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