All is well at the house of Dimon. JPMorgan posted earnings of $US1.54 per share early Tuesday morning, topping estimates of $US1.45 per share.
At $US24.3 billion in revenue, the bank’s top line report represents a miss.
Projections of $US1.45 a share for JPMorgan earnings were down slightly from a year ago, when the bank reported $US1.46 earnings per share in 2014’s second quarter.
After a lacklustre close to 2014 where JPMorgan missed expectations two quarters in a row, Jamie Dimon’s bank bounced back this year.
JPMorgan’s first quarter earnings beat estimates this year, at $US1.45 per share. The market was expecting $US1.39 a share.
The second quarter brought with it the surprising death of JPMorgan top banker Jimmy Lee, whose passing was mourned by virtually all of Wall Street.
The worst of the storm for JPMorgan may be behind it. The bank has paid out about $US25 billion in fines itself in the wake of the financial crisis and was part of a group of banks rapped with nearly $US6 billion in currency trading penalties in May. Earlier this month it was reported that JPMorgan also paid $US136 million in fines for its debt collection practices.
It’s a big week for bank earnings, with more on the way today from Wells Fargo. Wednesday, Bank of America will announce results. On Thursday, Goldman Sachs and Citigroup will announce their results.
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