UPDATE 1-JPMorgan Q2 earnings rise; loan loss reserve cut

* Q2 EPS $1.09 vs 28 cents a year earlier

* Reduced loan loss reserves by $1.5 bln

NEW YORK, July 15 (BestGrowthStock) – JPMorgan Chase & Co (JPM.N: )
posted higher second-quarter earnings on Thursday after setting
aside less money for loan losses.

The second-largest U.S. bank by assets said earnings jumped
to $4.8 billion, or $1.09 a share, from $2.7 billion, or 28
cents a share, in the year-earlier period.

Analysts on average expected earnings of 67 cents a share,
according to Thomson Reuters I/B/E/S. It could not immediately
be determined if that figure directly compared to the $1.09 the
bank posted.

JPMorgan reported a benefit of $1.5 billion after trimming
its loan loss reserves in the quarter.

U.S. stock index futures rose following the earnings report
by the bank, a component of the Dow Jones industrial average.

JPMorgan shares closed down 13 cents at $40.35 on
Wednesday. The shares are down 3 percent this year.
(Reporting by Elinor Comlay; editing by John Wallace)

UPDATE 1-JPMorgan Q2 earnings rise; loan loss reserve cut