NEW YORK (AP) – JPMorgan Chase & Co. says its profit soared 77 percent in the second quarter as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.

JPMorgan Chase, the first of the big banks to report earnings for the April-June period, said yesterday it earned $4.8 billion, or $1.09 a share. Analysts had forecast a profit of 67 cents per share.

JPMorgan CEO Jamie Dimon said the company reduced its reserves to cover failed loans by $1.5 billion in the quarter but that loan losses "remain at extremely high levels".