JPMorgan Chase said it earned $4.8 billion during the second quarter on Thursday, helped by strong performance across its different businesses and a decline in loan loss reserves.

On a per share basis, the company said it earned $1.09 a share, excluding the impact of a benefit tied to a reduction in loan loss reserves. Including that, the bank reported a profit of 73 cents a share.

Analysts were expecting the New York City-based bank to earn approximately $2.8 billion during the quarter, or 67 cents a share, according to Thomson Reuters.

Company CEO Jamie Dimon said he was encouraged by a decline in the number of consumers defaulting or falling behind on loans, but was hesitant to say whether the trend would continue.

“It is too early to say how much improvement we will see from here,” said Dimon.

Improving credit trends allowed the company a rare opportunity to draw down some of the massive amounts of reserves it has stockpiled since the crisis began for loan losses. In total, the company said it released $1.5 billion from its reserves, providing a lift to earnings.

That increase was partially offset though by a $550 million charge it took as a result of a tax levied on bankers earlier this year by the British government. The tax is expected to impact the U.K.-based operations of a number of big U.S. banks this quarter.

Still, the bank’s credit card and retail banking business each reported higher profits compared to last quarter and a year ago. Even with the recent market sell-off, earnings at the firm’s asset management business was up from 2009 as well.

(Source: CNN Money)