JPMorgan Chase & Co. Earnings: Here’s Why Shares are Up Now

JPMorgan Chase & Co. (NYSE:JPM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.25%.

JPMorgan Chase & Co. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 32.23% to $1.60 in the quarter versus EPS of $1.21 in the year-earlier quarter.

Revenue: Rose 0.31% to $25.21 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: JPMorgan Chase & Co. reported adjusted EPS income of $1.60 per share. By that measure, the company beat the mean analyst estimate of $1.44. It beat the average revenue estimate of $24.84 billion.

Quoting Management: Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: “Our earnings reflected strong performance across our businesses. We maintained our #1 ranking in Global Investment Banking fees. Consumer deposits were up 10% compared with the prior year and Credit Card sales volumes were a record $105.2 billion, up 10%. And notably, Asset Management had $25 billion of net long-term client flows, the seventeenth consecutive quarter of positive net long-term client flows. Net charge-offs remain near historical lows in our Credit Card business, have dropped to less than half of what they were a year ago for our Real Estate Portfolios and remained very low in our wholesale portfolios. In light of these trends, we reduced the allowance for loan losses in Consumer & Community Banking in the second quarter by a total of $1.5 billion. Loan growth across the industry continued to be soft, reflecting a cautious stance by consumers, many small businesses and corporations. However, we continue to see broad-based signs that the U.S. economy is improving and we are hopeful that, as jobs are added and confidence builds, the U.S. economy will strengthen over time.”

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