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Large US banks report higher profits despite recent industry turmoil
JPMorgan, the biggest US lender in terms of assets, reported a 52 percent surge in profits to $12.6 billion. This was boosted by record revenues of $38.3 billion, up 25 percent from the year-ago level.But the additional reserves were taken due to "a deterioration in the weighted-average economic outlook" and "an increased probability of a moderate recession due to tightening financial conditions," the bank said in an earnings release