JPMorgan Chase just reported second quarter earnings, posting a big beat.
“Loans and deposits continue to grow strongly, and card sales and merchant processing volumes were up double digits, reflecting our consistent investment in the business,” CEO Jamie Dimon said. “In the Corporate & Investment Bank, we maintained our leadership in Banking, while Markets revenue was down amid lower volatility and client activity.”
“Commercial Banking delivered record results this quarter with broad strength across products and markets,” he added. “And in Asset & Wealth Management, the performance also was excellent with record net income and AUM.”
Here are the key numbers:
- Net income of $7 billion, or $1.82 per share. Analysts had forecast EPS of $1.58 per share, according to Bloomberg. Reported revenue of $25.5 billion, with net interest income at $12.5 billion, up 8%, due to rising rates and loan growth. The bank’s consumer and community banking unit posted lower profits. CCB net income was down 16% on the same period last year. Increased interest income was offset by higher Card new account origination costs, and expenses were driven higher by auto lease appreciation costs and marketing spend. Corporate and investment bank net income increased 7% to $2.7 billion. Global banking revenues increased 17% to $3.1 billion, offsetting a 11% decline in markets and investor services revenues to $5.8 billion. Fixed income trading revenues dropped sharply, down 19% to $3.2 billion. Commercial banking delivered record revenues and profits, with revenue of $2.1 billion and net income of $902 million. Asset and wealth management also delivered record profits, with net income of $624 million in net income. The bank also posted record assets under management at $1.9 trillion, and record client assets of $2.6 trillion.