JPMorgan Chase 2Q earnings topped expectations
Shares of JPMorgan Chase were flat in Wall Street trading on Tuesday after the nation's largest bank exceeded second-quarter earnings expectations.
The New York-based lender reported adjusted profits of $2.82 per share, or $9.7 billion, higher than analysts expected. Underscoring the growth was a one-time benefit from the resolution of tax audits that boosted profits per share by 23 cents.
Revenue grew 4 percent to $29 billion, also beating Wall Street predictions.
"We continue to see positive momentum with the U.S. consumer – healthy confidence levels, solid job creation and rising wages," CEO Jamie Dimon said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 246.25 | -3.47 | -1.39% |
| GS | THE GOLDMAN SACHS GROUP INC. | 601.71 | -3.86 | -0.64% |
| WFC | WELLS FARGO & CO. | 75.33 | -0.87 | -1.14% |
Higher interest rates helped spur a 7 percent rise in lending profits to $14.4 billion. Investors are eagerly awaiting the Federal Reserve's meeting at the end of July to see if the central bank will opt to lower interest rates, an action Chairman Jerome Powell hinted at during two-days of testimony on Capitol Hill.
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Meanwhile, trading revenue at Chase declined 12 percent to $1.7 billion and earnings from investment banking dropped 9 percent to $1.8 billion.