JPMorgan Chase has reported a net profit of $2.7 billion in the second quarter, a 36% increase over the same period last year due to an increase in revenue.
The banking giant managed net revenue of $27.7 billion during the second quarter, an increase of $8 billion, or 41% from the previous year.
The gains were driven in part by 'record' investment banking fees, the group said in a statement.
The net benefit translated to 28 cents per share, far above the four cents analysts had predicted. The market had also expected lower revenues of $25.9 billion.
Despite the strong earnings, JPMorgan Chase chairman and CEO Jamie Dimon said 'these results were negatively affected by the continued high levels of credit costs in consumer lending and card services, which we expect will remain elevated for the foreseeable future.'
In June, the company said it had repaid the US government in full for a $25 billion capital injection under the Troubled Asset Relief Program (TARP), and had paid a total of $795 million dollars in dividends on the preferred stock.
The repayment came after the US Federal Reserve and US Treasury agreed to allow some banks to begin reimbursing the government for capital injections begun last year in an effort to stabilise a shaky financial system.