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.
Stay Informed! Stay Competitive! Please join us at Vista Partners, and receive our FREE email updates throughout the week and view our exclusive content and research.
