JPMorgan Chase's income rises 13 percent in 2Q (AP)

NEW YORK ? JPMorgan Chase & Co. says its second-quarter income rose 13 percent as the bank collected higher fees from equity and debt underwriting in its investment banking business. The bank also cut losses in its credit card portfolio.

The New York bank earned $5.4 billion, or $1.27 per share. It earned $4.8 billion, or $1.09 per share, in the same quarter last year. Analysts surveyed by FactSet forecast the bank would earn $1.22 per share.

Profit in the investment bank jumped 49 percent to $2.1 billion. The bank was able to increase its earnings by reducing its loan loss reserves on its credit card portfolio by $1 billion as more people paid their bills on time.

JPMorgan's stock rose 2. percent to $40.50 in pre-market trading Thursday.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20110714/ap_on_bi_ge/us_earns_jpmorgan_chase

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