JPMorgan Chase Sees Surge in Q2 Profits, Thanks to Visa Deal and Investment Banking Gains

JPMorgan Chase reported a significant increase in profits for the second quarter of the year, primarily driven by a lucrative share exchange deal with Visa and a substantial surge in investment banking fees. The bank's profits reached $18.15 billion, marking a significant rise from the previous year.

JPMorgan Chase's profit rose in the second quarter, buoyed by rising investment banking fees and an $8 billion accounting gain from a share exchange deal with Visa.

The largest U.S. bank's profit was $18.15 billion, or $6.12 per share, for the three months ended June 30, compared with $14.47 billion, or $4.75 per share, a year earlier, it said on Friday.

The bank benefited from a plan to exchange some of its shares in Visa, the world's largest payment network. Investment banks have benefited from a resurgence in capital-raising activity both in debt and equities markets.

Wall Street banks are also seeing an uptick in fee income from advising on M&A deals as companies become more confident on the U.S. economy's ability to avoid a major downturn. JPMorgan's investment banking fees grew 50%, higher than an earlier company prediction of 25% to 30%.

(With inputs from agencies.)