JPMorgan chase announces Q2 8.7 pc decline in net income

The entity had a net income of USD 5.43 billion in April-June period of 2011.

The net revenue was down 16 per cent to USD 22.9 billion in the second quarter compared to the year-ago period.

"The decrease in earnings was driven by lower net revenue, largely offset by lower non interest expense and a lower provision for credit losses," the company said in a statement.

JPMorgan also said it had lost USD 4.4 billion from derivative trading at its Chief Investment Office (CIO) from the earlier estimated USD 2 billion reported in May. The company said the losses had effected the quarterly results.

"There were several significant items that affected the quarter's results