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July 16, 2019, 7:02 a.m. EDT

JPMorgan tops profit and revenue estimates

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By Ciara Linnane

JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM +1.36% said Tuesday it had net income of $9.652 billion, or $2.82 a share, in the second quarter, up from $8.316 billion, or $2.29 a share, in the year-earlier period. Revenue rose to $29.566 billion from $28.388 billion. The FactSet consensus was for EPS of $2.50 and revenue of $28.835 billion. The bank said net interest income rose 7% to $14.5 billion, driven by balance sheet growth and mix along with the benefit of higher interest rates. Non-interest income came to $15.0 billion, up 2%. Provisions for credit losses came to $1.1 billion, down 5%. Markets and securities services revenue came to $6.4 billion, down 1%. Fixed income markets revenue fell 3%, hurt weakness in EMEA, which was offset by increased client activity in North American rates and agency mortgage trading. Equity markets revenue fell 12% to $1.7 billion, driven by lower client activity in derivatives. "We continue to see positive momentum with the U.S. consumer - healthy confidence levels, solid job creation and rising wages - which are reflected in our Consumer & Community Banking results," Chief Executive Jamie Dimon said in a statement. Shares fell 1.5% premarket, but have gained 17.7% in 2019, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.40% has gained 17.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.47% has gained 20.2%.

/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 137.49
+1.85 +1.36%
Volume: 7.07M
Feb. 19, 2020 6:30p
P/E Ratio
12.83
Dividend Yield
2.62%
Market Cap
$425.43 billion
Rev. per Employee
$497,647
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,348.03
+115.84 +0.40%
Volume: 242.65M
Feb. 19, 2020 5:05p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,386.15
+15.86 +0.47%
Volume: 1.73B
Feb. 19, 2020 5:05p
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