NEW YORK (Reuters) - J.P. Morgan Chase & Co. said second-quarter profit jumped 78 percent, pushing first-half earnings past what the No. 2 U.S. bank earned for all of 2002, as bond trading and consumer banking boosted results.

J.P. Morgan (JPM: Research, Estimates) on Wednesday reported net profit of $1.83 billion, or 89 cents per share, compared with $1.03 billion, or 50 cents a share. Last year's figures included a merger and restructuring charge.

In trading before the bell, J.P. Morgan shares were trading at $38.70 on Instinet -- which would be a 52-week high. The shares closed at $37.29 on Tuesday.

"It was a big, big blowout," said Andrew Colins, an analyst with U.S. Bancorp Piper Jaffray, adding that profits moved higher on "trading, a little bit better investment banking and credit (that) was better than expected."

Analysts polled by Reuters Research, a unit of Reuters Group PLC, on average expected a profit of 62 cents per share.

Total net revenue in the quarter rose 27 percent, to $8.6 billion.

The firm became the No. 2 U.S. bank when the commercial bank Chase Manhattan bought Wall Street investment firm J.P. Morgan in 2000.

The bank also said it would create a new Office of the Chairman, led by Chairman and Chief Executive William Harrison, and a number of other executive changes.

Volatility in the U.S. Treasury market in the second quarter, sparked by investor concerns over inflation while interest rates hovered near record lows, bolstered fixed-income trading. That helped J.P. Morgan's investment bank operating earnings to more than double, to $1.09 billion.

Yet fees from underwritings and giving companies advice dropped 2 percent as the drought of new stock offerings continued unabated in the second quarter.

Fixed-income trading helped push profits higher at a number of brokerages in the quarter as falling interest rates spurred bond issuance, which in turn lifted trading in the secondary market.

J.P. Morgan placed as the No. 4 underwriter of all debt and equity worldwide during that period, giving its investment banking fees a shot in the arm.

On the consumer side, with mortgage rates at their lowest level since the 1960s, Chase Financial Services posted record results, up 36 percent, at $883 million.