JPMorgan Chase reported second-quarter net income of $21.2 billion on Tuesday, the highest quarterly profit in the history of U.S. banking, as a surge in stock-trading revenue and a $4.6 billion gain on its Visa stake drove results across every line of business.
The report pushed JPMorgan stock to a record high, lifting the bank’s market capitalization to around $919 billion and putting it within reach of becoming the first bank ever valued at $1 trillion, according to Reuters
Excluding the Visa gain and $1.0 billion in gains on certain equity investments, net income was $16.9 billion, or $6.14 per share, with a return on tangible common equity of 23%, the company said. Total managed revenue rose 27% from a year earlier to $58.0 billion. Equity Markets revenue jumped 86% year over year to $6.0 billion, while investment banking fees rose 30% to $3.3 billion, the highest level since 2021.
The bank also revised its full-year net interest income outlook upward to roughly $105.5 billion, from $103 billion guidance issued three months earlier. CEO Jamie Dimon said the results reflected “a particularly favorable environment with an elevated level of market activity, as well as rigorous execution,” while also flagging geopolitical instability, persistent inflation, and stretched asset valuations as risks. CFO Jeremy Barnum described the investment banking pipeline as healthy, saying that “the current activity levels seem to be encouraging more activity,” according to Reuters.