JPMorgan Chase just reported second quarter earnings, posting a big beat.
Here are the key numbers:
- Net income of $US7 billion, or $US1.82 per share. Analysts had forecast EPS of $US1.58 per share, according to Bloomberg.
- Reported revenue of $US25.5 billion, with net interest income at $US12.5 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.
- Corporate and investment bank net income increased 7% to $US2.7 billion. Global banking revenues increased 17% to $US3.1 billion, offsetting a 11% decline in markets and investor services revenues to $US5.8 billion.
- Commercial banking delivered record revenues and profits, with revenue of $US2.1 billion and net income of $US902 million.
- Asset and wealth management also delivered record profits, with net income of $US624 million in net income.