Finance

JPMorgan profit surges on investment banking boost

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A JPMorgan logo is seen in New York City, U.S., January 10, 2017. REUTERS/Stephanie Keith/File Photo

July 13 (Reuters) - JPMorgan Chase & Co (JPM.N) reported a big jump in second-quarter earnings on Tuesday as the largest U.S. bank gained from a surge in dealmaking and released more reserves it had set aside last year for potential pandemic-related loan defaults.

The bank's net income rose to $11.9 billion, or $3.78 per share, in the quarter ended June 30, from $4.7 billion, or $1.38 per share, a year earlier.

Analysts on average had expected earnings of $3.21 per share, according to Refinitiv.

Reporting by Anirban Sen in Bengaluru and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty

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