Proactive Investors - JPMorgan Chase (NYSE:JPM) & Co (NYSE:JPM, ETR:CMC) announced record-breaking Q2 earnings, driven by exceptional performance from its investment banking and equities trading divisions.
The bank reported a net income of $18.1 billion, with earnings per share (EPS) of $6.12. Excluding significant items, net income stood at $13.1 billion, with an EPS of $4.40, surpassing analysts' expectations of $4.19.
Revenue for the quarter reached $50.99 billion, exceeding the estimated $49.98 billion. Key growth areas included a 9% rise in Banking & Payments revenue and a substantial 46% increase in Investment Banking revenue.
The bank’s Q2 profits surged by 25%, bolstered by gains from its holdings in Visa (NYSE:V) and a revival in Wall Street activities.
CFO Jeremy Barnum highlighted robust pipelines and elevated dialogues for mergers and acquisitions, while CEO Jamie Dimon cautioned that inflation and interest rates might remain elevated.
JPMorgan shares were trading around 0.2% lower in Friday’s premarket action following the results.