JPMorgan Chase & Co (NYSE:JPM, XETRA:CMC) reported second-quarter profit and revenue that topped Wall Street expectations, as strength in investment banking and trading fees drove a 41% jump in net income.
The bank posted net income of $21.2 billion, with earnings per share of $7.70 topping the $5.72 estimate
Revenue rose 27% to $58.02 billion, well above the $51.39 billion forecast. Net interest income came in at $25.62 billion, up 10% year-over-year and roughly in line with estimates. Trading and investment banking were standout drivers.
Investment banking revenue jumped 45% to $3.9 billion, equities sales and trading nearly doubled with an 86% gain to $6.03 billion, and FICC trading rose 6% to $6.05 billion. By segment, Consumer & Community Banking revenue grew 8% to $20.27 billion, the Commercial & Investment Bank rose 27% to $24.85 billion, and Asset & Wealth Management climbed 19% to $6.85 billion. Loans totaled $1.54 trillion and deposits $2.71 trillion, both ahead of estimates, while assets under management rose 18% to $5.1 trillion.