- JPMorgan Chase beat on earnings Friday morning, announcing a record second-quarter profit.
JPMorgan Chase announced record second-quarter results Friday morning while posting earnings of $US2.29 a share. Analysts had expected earnings of $US2.22.
The beat was driven by gains across most business lines, with higher interest rates benefitting most of the bank’s businesses. Here are the key numbers:
- Revenue: $US27.8 billion, up 8% from last year.
- Adjusted net income: $US8.32 billion, a record high, up 18% from last year when results benefited from a legal settlement.
- Consumer and community banking: Net income increased 53% to $US3.4 billion on revenue of $US12.5 billion, as Federal Reserve interest-rate hikes helped interest income.
- Corporate and investment banking: Net income was up 18% to $US3.2 billion on revenue of $US9.9 billion. Markets revenue rose 12% to $US6.5 billion, while banking revenue rose 9% to $US3.5 billion.
- Commercial banking: Net income rose 21% to $US1.1 billion on revenue of $US2.3 billion, driven by higher interest income.
- Asset and wealth management: Net income was $US755 million, up 21% from the year earlier.
“We see good global economic growth, particularly in the US, where consumer and business sentiment is high,” JPMorgan CEO Jamie Dimon said in a statement. “Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter.”