JPMorgan profit falls on higher soured loan reserves

JPMorgan Chase & Co reported a fall in second-quarter profit on Thursday as America's largest bank set aside more money to cover potential losses in the face of growing risks of a recession.

The bank posted a profit of $8.6 billion, or $2.76 per share, for the quarter ended June 30, compared with $11.9 billion, or $3.78 per share, a year earlier.

Analysts on average had expected earnings of $2.88 per share, according to Refinitiv. It was not immediately clear if the reported numbers were comparable to estimates.

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