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JPMorgan Clocks Quarterly Earnings Beat

By John F. Heerdink, Jr.

JPMorgan Chase & Co (JPM) reported strong earnings this week boosted by a ‘strong economy’ and the release of credit reserves. The bank reported better than expected Q2 earnings with adjusted EPS of $3.78 versus $3.15 estimate and revenue stood at $31.4 billion versus $30.06 billion estimates. The largest U.S. bank by assets earned $11.9 billion in net income, up to $7.3 billion from a year ago, pushed by credit reserve releases of $3 billion compared to credit reserve builds of $8.9 billion a year ago.

CEO Jamie Dimon noted that the consumer balance sheet “remains exceptionally strong,” while the economic outlook “continues to improve. The CEO also pointed out that net charge-offs were down 53%, which “were better than expected, reflecting the increasingly healthy condition of our customers and clients.”

Dimon also added that debit and credit card spending was up 45% from a year ago, and up 22% from the second quarter of 2019 pre-pandemic levels. Total markets revenue declined 30% to $6.8 billion in the quarter, with fixed income revenue dropping 44%, but were offset by equity markets revenue climbing 13%. Banking revenue increased 1% to $5.1 billion, with investment banking revenue also up 1% at $3.4 billion in the quarter on higher fees.

JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.


Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: JPMorgan earnings soar amid 'exceptionally strong' consumer balance sheets, credit release in Yahoo Finance)


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