J.P. Morgan Earnings Beat, Mortgage Originations Decline

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J.P. Morgan Earnings Beat, Mortgage Originations Decline

J.P. Morgan Earnings Beat, Mortgage Originations Decline
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J.P. Morgan Earnings Beat, Mortgage Originations Decline

by TheStreet 1:22 mins

Shares of J.P. Morgan are trading higher Tuesday after the firm posted results which beat forecasts as it announced that trading revenue was not down as much as it had previously expected. Adjusted earnings came in at $1.46 a share, that was more than 10 cents better than estimates. On the top line, Revenue came in at a little over $25 billion, which was about 5% better than estimates. J.P. Morgan incurred half a billion dollars in legal expense during the second quarter. Most of the firm's divisions saw increased activity, especially the consumer banking division, where credit card sales were up 12% compared to the same period a year ago. But, the amount of loans the bank underwrote in second quarter came in under $17 billion. That represented a 66% drop from the same period a year ago. TheStreet's Julia Sun reports from New York.

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