JPM's Q2 Earnings Beat Consensus On Reduction In Loss Reserves
The second-largest U.S. bank by assets, JPMorgan Chase & Co (NYSE: JPM), reported a 76% rise in its Q2 earnings as it sets aside less funds for loan losses.
The New York-based company posted its Q2 earnings at $4.8 billion, or $1.09 per share, up from $2.7 billion, or $0.28 per share, in the year-ago period. The analysts were expecting the company to earn $0.67 per share during the quarter. The earnings posted by the company included a benefit of $1.5 billion, or $0.36 per share, due to a reduction in its Q2 loan loss reserves. JPM’s revenue for the second quarter moved down 2% to $25.1 million.
JPM’s Chief Executive Jamie Dimon sounded cautious on the US economy outlook and mentioned that, "It is too early to say how much improvement we will see from here.”
Shares of JPM gained 0.12% to $40.40 in pre-market trading.
Read more from Benzinga's Company news.
