JPMorgan: beats Wall Street estimates
(CercleFinance.com) - JPMorgan Chase & Co posted better-than-expected quarterly earnings on Tuesday as the US bank benefited from "healthy" consumer spending.
The bank's second-quarter earnings rose 16 percent to 9.5 billion dollars, or 2.82 dollar a share, from 9.2 billion, or 2.65 dollar a share, in the year-earlier period.
Wall Street analysts expected EPS of 2.50 dollars on average.
The quarter included income tax benefits of 742 million dollars related to the resolution of certain tax audits, JPMorgan said.
Net revenue was 29.6 billion dollars, up 4%, with consumer and business banking revenue up 11% at 6.8 billion dollars, predominantly driven by higher net interest income.
In the corporate and investment bank, its markets unit, revenue was 9.6 billion dollars, a decrease of 3%.
CEO Jamie Dimon struck a positive tone on the group's outlook.
"We continue to see positive momentum with the U.S. consumer - healthy confidence levels, solid job creation and rising wages," he said.
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