JPMorgan Chase (JPM), the largest U.S. bank by assets, reported earnings for the second quarter on Tuesday that surpassed analysts’ expectations, helped by a nearly $800 million tax boost.
For the second quarter, the bank posted earnings per share of $2.82, versus analyst estimates of $2.50. The bank reported a $768 million income tax benefit that boosted results by 23 cents per share.
Revenue for the quarter came in at $29.57 billion, outpacing estimates of $28.88 billion.
JPMorgan Chase is the second Wall Street bank to report earnings this week — and the second to beat estimates in the face of a slowing economy.
In a statement, CEO Jamie Dimon said the bank continues to see “positive momentum with the U.S. consumer – healthy confidence levels, solid job creation and rising wages – which are reflected in our Consumer & Community Banking results.”
Dimon added that credit card sales saw double-digit growth, as did merchant processing volumes, reflecting “healthy consumer spending.”
Digital is increasingly playing an important role for the bank, with active mobile customers up 12% year-over-year. In his remarks, Dimon noted that the bank has opened over 2 million accounts digitally. What's more, client investment assets are up 16% year-over-year, driven, in part, by digital. JPMorgan Chase is also expanding its retail branch footprint in new markets.
Breaking the results down further, JPMorgan maintained its No. 1 spot for global investment banking, with 9.2% of the wallet share this year. However, total markets revenue came in at $5.4 billion, which was flat.
Dimon noted that the markets performance "was relatively steady on slightly lower client volume, probably due to slightly higher global macroeconomic and geopolitical uncertainties."
Shares of JPMorgan, which closed the session at $113.90 on Monday, were last trading 1% lower in the pre-market.
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Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
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https://finance.yahoo.com/news/jpmorgan-chase-reports-q2-earnings-111041074.html
2019-07-16 11:11:00Z
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