On May 5th, star banking analyst Meredith Whitney reiterated a bearish view for the banking sector in her interview with Bloomberg. This morning, JPMorgan Chase (JPM) issued Meredith Whitney a reality check and continued domestic U.S. earnings strength.
JPMorgan Chase (JPM) beat consensus analyst earnings estimates by 63%, or $.42 cents per share, with a 2nd quarter earnings report of $1.09 per share. A year ago in the same quarter, JPMorgan Chase reported $.28 cents per share, an improvement of 289% on quarterly earnings.
Revenues in the quarter came in at $25.6 billion, in-line with consensus estimates.
Chairman and CEO of JPMorgan Chase, Jamie Dimon, stated, “We continue to aggressively do all that we can reasonably and responsibly to contribute to the economic recovery. During the first half of the year, we loaned or raised capital for our clients of nearly $700 billion, and our small-business originations were up 37%.”
Bank analyst Dick Bove said, “On the whole this [earnings] number is not a good number,” pointing to the $1.09 per share. “It’s here because they’ve taken money out of reserves and put it into earnings.” JPM shares have moved lower since his comments.
JPMorgan’s major competitors include Bank of America (NYSE:BAC), Citigroup (NYSE:C), Barclays (NYSE:BCS) and UBS (NYSE: UBS).
For more detailed information on the JPMorgan Chase earnings release, visit here.