Investment bank JP Morgan gave some insight into just how tough conditions over the past six months have been when it filed an interim financial statement for a company called JP Morgan Australia with the Australian Securities Exchange last week.JP Morgan Australia reported a net profit of $7.4 million for the six months to June, down from $81.8 million for the six months to June last year. Revenue fell from $171.1 million to $106 million over the same period.A spokesman for JP Morgan said the reporting entity provided only a partial view of the group's Australian activities. JP Morgan is an issuer of warrants on the ASX and must file financial statements for the entity that guarantees the warrants. JP Morgan Australia's balance sheet shows total assets at $2.1 billion.  According to APRA's monthly banking statistics, JP Morgan's Australian operation has assets of $12.2 billion.The spokesman would not comment on whether the results reported by JP Morgan Australia were representative of the performance of the overall business.