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- JPMorgan reported second-quarter earnings Tuesday that beat analysts’ profit expectations and were in line with revenue forecasts.
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JPMorgan posted $2.82 in second-quarter earnings per share, outpacing the $2.50 that Wall Street analysts surveyed by Bloomberg were expecting as consumer and community banking revenues jumped 11%. Results were helped by $768 million of income tax benefits, which boosted EPS by $0.23.
Here are the key numbers:
- Adjusted net income: $9.65 billion versus the $8.17 billion estimate
- Earnings per share: $2.82 versus the $2.50 estimate
- Revenue: $28.88 billion versus the $28.88 billion estimate
- Expenses: $16.34 billion versus the $16.38 billion estimate
“We had a strong second quarter and first half of 2019, benefiting from our diversified global business model,” said JPMorgan CEO Jamie Dimon in the statement.
“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,” he added. “Double-digit growth in credit card sales and merchant processing volumes reflected healthy consumer spending and drove 8% growth in credit card loans, while mortgage and auto originations showed solid improvement, and we continued to attract new deposits, up 3%.”
Net revenue rose 11% in JPMorgan’s consumer and community banking division, sending the segment’s net income up 22%. Net revenue and net income fell in the corporate and investment bank division and the commercial banking segment, while the asset and wealth management business recorded a 5% drop in net income.