JPMorgan Chase & Co reported higher second-quarter profits, boosted by lower costs for bad loans.

The biggest moneymaker on Wall Street in 2010, JPMorgan said earnings were $5.4 billion, or $1.27 a share, in the quarter, compared with $4.8 billion, or $1.09 a share, in the same period a year earlier.

Results were also helped by the absence of a UK tax on banker bonuses during the second quarter of 2011. That cost the bank 14 cents per share in the second quarter of 2010.

(Reporting by David Henry; editing by John Wallace)