INSTANT VIEW: JPMorgan earnings rise, beat forecasts

NEW YORK (Reuters) - JPMorgan Chase & Co <JPM.N on Thursday posted a higher quarterly profit, saying strength in its core consumer and investment banking businesses offset a jump in credit losses.

Second-quarter net income rose to $2.72 billion from $2 billion a year earlier, JPMorgan said. Profit per share fell to 28 cents from 53 cents. Net revenue jumped 41 percent to $27.71 billion. The bank said it set aside $9.7 billion for credit losses, up from $4.29 billion a year earlier but down from the first quarter's $10.07 billion.

The earnings beat analysts' forecasts of 4 cents a share and the revenue beat a $25.9 billion forecast.

The following is reaction from industry analysts and investors:

DAN GREENHAUS, ANALYST AT MILLER TABAK & CO IN NEW YORK

"It's certainly encouraging to see a bank like JPMorgan beat estimates, because it's more representative of the economy than something like Goldman Sachs. I think that certainly if the beat was built on a solid foundation, I would expect the market to react favorably.

"Thus far, the earnings season has been OK, but you have to remember how far expectations have been depressed."

(Reporting by Ryan Vlastelica)