JPMorgan Chase's earnings numbers don't reflect a rebound in the bank's fortunes, says Dick Bove, banking analyst at Rochdale Securities.

JPMorgan revenue was $25.6 billion in the second quarter.

"On the whole this number is not a good number ... it's here because they've taken money out of reserves and put it into earnings," Bove, who has a “buy” rating on the bank, told CNBC.

"The one metric that is very good is that their non-performing assets are down.”

JPMorgan's earnings rose to $1.09 a share, from 28 cents. However, revenue declined 8 percent, to $25.6 billion, in the second quarter, from $27.7 billion in the quarter a year ago.

JPMorgan's fees for investment banking fees dropped by 37 percent to $1.4 billion; of these, stock-underwriting fees posted the heaviest fall, of $354 million, or 68 percent.

Debt underwriting fees fell 6 percent and advisory fees were down 10 percent.

"Trading was devastating," says Bove.

Bove predicts that JPMorgan will probably give up "a few million customers who are only marginally profitable" as a result of the new financial regulations bill, which will increase banks’ costs of doing business.

According to The New York Times, JPMorgan, which launched earnings season for big U.S. banks with news of a strong gain in second-quarter profit, also reported its net income rose 76 percent, to $4.8 billion, from $2.7 billion during the comparable period a year earlier.