NEW YORK: JP Morgan Chase & Co has reported a 78% jump in quarterly earnings, blowing past Wall Street estimates on strong bond trading and mortgage lending, but it sees lower profits in the second half of 2003.
Near record-low interest rates in the second quarter, coupled with volatility in the bond markets, catapulted the No. 2 US bank’s trading profits. Low borrowing rates boosted mortgage lending and losses from bad loans fell in the quarter, further bolstering the bank’s results.
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