JPMorgan Chase beats by $0.30, beats on revenue by $1.54 B
JPMorgan Chase beats by $0.30, beats on revenue
JPMorgan Chase (NYSE:JPM): Q2 EPS of $1.59 beats by $0.30.
Revenue of $25.3B (-2.5% Y/Y) beats by $1.54B.
Q2 earnings of $6B or $1.46 per share includes $500M or $0.13 per share in after-tax legal expense. Estimates were for earnings of $1.31 per share. About $3B returned to shareholders - $1.5B stock buyback and $0.40 dividend.
Consumer & Community Banking net income of $2.4B fallsl 21% Y/Y, with net revenue of $11.4B off 5%. Net interest income of $7B falls 2%. Noninterest revenue of $4.5B down 9% thanks to mortgage slowdown (originations fell 66% from a year ago). Credit loss provision of $852M compared with a benefit of $19M a year ago. Noninterest expense of $6.5B falls 6% driven by job cuts in mortgages.
Corporate & Investment Bank net income of $2B fallsl 25% Y/Y on revenue of $9B, off 6% (excluding impact of DVA). Banking revenue of $3.1B off 2%, with higher advisory fees and equity underwriting fees offset by lower debt underwriting fees. Markets & Investor Services revenue of $5.9B falls 12%, with fixed income revenue of $3.5B off 15%.