S&P 500 (NYSE:SPY) component JPMorgan Chase & Co. (NYSE:JPM) reported a profit boost in the second quarter. J.P. Morgan Chase & Co. is a global securities, investment banking and retail banking firm with operations worldwide.
JPMorgan Chase Earnings Cheat Sheet for the Second Quarter
Results: Net income for JPMorgan Chase & Co. rose to $5.43 billion ($1.27 per share) vs. $4.79 billion ($1.09 per share) in the same quarter a year earlier. This marks a rise of 13.3% from the year earlier quarter.
Revenue: Rose 7% to $27.4 billion from the year earlier quarter.
Wall St. Expectations: The company beat the mean estimate of $1.21 per share. Estimates ranged from $1.09 to $1.36 per share. Analysts were expecting $25.13 billion in revenue.
Quoting Management: Jamie Dimon, Chairman and Chief Executive Officer, commented: “Our second-quarter earnings reflected solid performance across most of our businesses. The Investment Bank delivered strong earnings across most products and maintained its #1 ranking in Global Investment Banking Fees. Commercial Banking reported record revenue and continued loan growth for the quarter. Retail Financial Services demonstrated good underlying performance in Retail Banking but continued to experience high losses for mortgage-related iss
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 67% and in the fourth quarter of the last fiscal year, the figure rose 47.4%.
Competitors to Watch: Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), Citigroup Inc. (NYSE:C), Goldman Sachs Group, Inc. (NYSE:GS), Deutsche Bank AG (NYSE:DB), Morgan Stanley (NYSE:MS), U.S. Bancorp (NYSE:USB), SunTrust Banks, Inc. (NYSE:STI), UBS AG (NYSE:UBS), and KeyCorp (NYSE:KEY).
(Source: Xignite Financials)