JPMorgan Chase, the nations biggest bank by assets, has once again topped earnings estimates. JPM earnings for Q2 came in well above the consensus. Revenue was more than $1 billion higher than expected and EPS was 7 cents ahead of the Street.
- The revenue rose 6.5% to $28.39 billion and topped the average analyst estimate of $27.36 billion. The growth was driven by all four of the bank’s businesses.
- Trading revenue, which makes up nearly 1/5 of JPM’s total revenue, was up 13%, compared with a 1% gain expected by Credit Suisse.
- Net interest income rose 10% as the US Federal Reserve raised benchmark interest rates four times since the 2nd quarter of 2017.
JPMorgan said, “healthy US consumer drove double digit growth in client investment assets, card sales, and merchant processing volumes” in the quarter. “Daniel Pinto, chief of JPM’s corporate and investment bank, in a memo sent to staff stated “our second quarter and first half results show ho impressive the CIB’s global franchise can be when it’s firing on all cylinders.”
According to CEO Jamie Dimon, the company “plans for more significant investment in China” over the next 2 quarters.