JPMorgan Q2 profit jumps as bank cashes in Visa shares, but higher interest rates also help results

AP Business Writer

NEW YORK (AP) — JPMorgan Chase says profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc. But the bank’s results were also helped by higher interest rates, as well as consumers who seemed to still want to spend, despite geopolitical and economic uncertainties. The nation’s biggest bank by assets posted a profit of $18.15 billion, up 25% from a year earlier. A significant part of JPMorgan’s results was a $7.9 billion gain on its stake in Visa. Without that, profit fell compared with the year-ago quarter.