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JP Morgan Chase shares rise sharply despite low second-quarter earnings

NEW YORK--Shares of JP Morgan Chase bolted higher Tuesday even as the banking giant reported lower quarterly earnings due to a drop in mortgage banking profits and trading revenues.

JP Morgan, the biggest U.S. bank by assets, said second-quarter earnings slid 7.9 percent from the year-ago period to US$5.99 billion.

Still, shares jumped 3.8 percent in afternoon trade to US$58.44, making JP Morgan the biggest gainer in the Dow.

Deutsche Bank said the surprisingly solid results showed that JP Morgan offers “good upside over time.”

Earnings translated into US$1.46 per share, well above analyst estimates of US$1.29.

Revenues dropped 2.3 percent from last year to US$25.35 billion, more than the US$23.76 billion forecast by analysts.

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