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- JPMorgan Chase reported second-quarter earnings Tuesday that beat analysts’ revenue and profit expectations, reflecting strong gains in its consumer and community banking division.
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JPMorgan Chase 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: $29.57 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,” JPMorgan CEO Jamie Dimon said 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%.”
Consumer and community banking revenues jumped 11%, driving the division’s net income up 22%. Net revenue and net income fell in both 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.