JP Morgan increases stake in Inditex

The investment bank JP Morgan has raised its stake in Inditex to 3 percent. According to reports by Europa Press, the US investment bank’s stake in the Spanish retail group now represents 3.197 percent of the total capital and is valued at 3.4 billion euros (2.4 billion pounds).

JP Morgan first acquired a stake in Inditex in 2012. At the time, it reported a holding of 2.58 percent.

This year, Inditex shareholders are due to receive dividends of over 1.6 billion euros from 2014 profits, a jump of 7.5 percent from last year.

In 2014, Inditex group net profits climbed 5 percent to 2.5 billion euros, while like-for-like sales were up by 5 percent. In the first half of 2015, net profits rose by 26 percent to 1.16 billion euros, while like-for-like sales increased by 7 percent.