Launching Q2 earnings season, moments ago JPM reported Q2 an adjusted record Net Income of $7.03 billion and EPS of $1.82, which however included an 11 cent legal benefit, beating expectations $1.57 and 27 cents higher than a year ago, on “managed” revenue of $26.4BN, beating consensus expectations of $25.1BN.
JPM reported average core loans up 8% Y/Y with net interest income also 8% higher to $12.5bn, ‘primarily driven by the net impact of rising rates and loan growth” even as average NIM missed.
Commenting on the result, Jamie Dimon said: ‘We continued to post very solid results against a stable-to-improving global economic backdrop. The U. S. consumer remains healthy, evidenced in our strong underlying performance in Consumer & Community Banking. Loans and deposits continue to grow strongly, and card sales and merchant processing volumes were up double digits, reflecting our consistent investment in the business. In the Corporate & Investment Bank, we maintained our leadership in Banking, while Markets revenue was down amid lower volatility and client activity.’
Dimon concluded:’We are also pleased to announce increases to our capital return plans while continuing to invest in our businesses for long-term profitability – reflecting the financial strength of our company and the significant capital and liquidity improvements we have made over the past several years.’
This post was published at Zero Hedge on Jul 14, 2017.
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