JPMorgan Q2 Profit Beats Estimates
JPMorgan Chase & Co. (NYSE: JPM) reported stronger-than-expected earnings for its second quarter on Tuesday.
The New York-based bank reported a quarterly profit of $6.29 billion, or $1.54 per share, versus a year-ago profit of $5.98 billion, or $1.46 per share.
Its net revenue slipped 3 percent year-over-year to $24.5 billion. However, analysts were expecting earnings of $1.44 per share on revenue of $24.49 billion.
The average estimate among 73 Estimize users was for earnings of $1.48 per share and revenue of $24.67 billion.
Net revenue for Consumer & Community Banking dropped 4 percent to $11.0 billion, while revenue for Corporate & Investment Bank declined 6 percent to $8.7 billion. Commercial Banking net revenue came in flat at $1.7 billion during the latest quarter, while Asset Management revenue rose 6 percent to $3.2 billion.
Revenue from fixed-income trading dipped 21 percent to $2.93 billion during the quarter.
Noninterest expense declined 6 percent to $14.5 billion in the quarter.
Return on equity came in at 11 percent in the quarter.
The company returned around $2.6 billion to shareholders in the second quarter.
Jamie Dimon, Chairman and CEO, said, "Our Company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth. This quarter was another example of the power of our platform and risk discipline, and of being there for our clients – as we always are – in good times and in volatile markets."
JPMorgan shares gained 1.34 percent to $69.00 in pre-market trading.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.