The second quarter of 2009 is turning out to be a good one for one more US investment banking company. Yes, JP Morgan Chase has now declared a 2.7 billion dollar profit for the second quarter which is a 36% rise over the figure for last year same quarter.
The investment banking division has done extremely well due to lack of competition and also due to major new issues by most of the top US banks in the last quarter.
But the stock market preferred to book profits and also discount the increase in non performing assets three fold to over 17 billion dollars. The company has been seeing huge write offs in its credit card division, and has confirmed that the credit card division will continue to post loss for one more year.