JPMorgan Chase books record profits

JPMorgan Chase & Co. posted a 55% increase in quarterly earnings, energized by gains in its investment banking and asset management businesses.
The New York-based investment bank posted record net income of $4.8 billion, or $1.34 per share, up from $3.1 billion, or 86 cents per share, during the year-ago period.
The results were boosted by an 11-cents-per-share accounting change.
Revenues increased 25% to $19.7 billion, compared to $15.8 billion in the year-ago period.
Analysts surveyed by Thomson Financial forecasted profit of $1.02 per share on revenues of $16.9 billion.
The bank said it was raising its quarterly dividend by 4 cents to 38 cents per share, which is payable on July 31 to stockholders of record as of July 6.
The company also said it also authorized a $10 billion share repurchase program.
The investment bank generated a 30% increase in earnings to $6.3 billion, up from $4.8 billion during the year-ago period.
The asset management business posted a 20% increase in net revenue to $1.9 billion, up from $1.58 billion during the year-ago period.
The retail finance services business increased 9% to $4.1 billion, up from $3.8 million in the year-ago quarter.
The increase was offset by $292 million in credit losses, up $207 from the prior year, due to losses in the subprime mortgage portfolio.