US banking giant JPMorgan Chase has logged a 31 per cent increase in quarterly profits, but gave a mixed report on the status of the economic recovery.
JPMorgan's second quarter profit came in at $US6.5 billion ($A7.12 billion) on revenues of $US25.2 billion, up from last year's income of $US5 billion on revenues of $US22.2 billion.
The results showed a healthy 19 per cent increase in profits from the corporate and investment bank unit to $US2.8 billion.
The year-over-year comparison also benefitted because the bank last year took a $US4.4 billion charge due to the so-called "London whale" debacle, a large trading loss in its chief investment office.
But results in other key divisions were mixed. Profits in the consumer and community division shrank six per cent compared with last year to $US3.1 billion, while income in commercial bank fell eight per cent to $US621 million.
Average business banking loans at $US18.7 billion were up four per cent from the prior year, but flat compared with the prior quarter.
Chief Executive Jamie Dimon said the pace of the economic recovery remains fairly slow.
"Loan growth across the industry continues to be soft, reflecting a cautious stance by consumers, many small businesses and corporations," Dimon said.
"However, we continue to see broad-based signs that the US economy is improving and we are hopeful that, as jobs are added and the confidence builds, the US economy will strengthen over time."
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