JPMorgan Earnings Beat Wall Street Estimates
The nation's second-largest bank recorded a profit of $4.8 billion, compared with $2.7 billion a year ago. Earnings per share came in at $1.09.
Analysts from Thomson Reuters were expecting the company to earn $0.70 per share on revenue of $25.6 billion, which matched estimates.
In a statement, CEO Jamie Dimon said "Although we are gratified to see consumer-lending net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable. As a result, these businesses did not meet expectations nor generate satisfactory returns on capital for our shareholders. It is too early to say how much improvement we will see from here.
JPMorgan is the first of the big U.S. banking giants to report earnings this season. Bank of America and Citigroup will both share their earnings with investors before the bell Friday.
Shares of JPMorgan rose 1.6% in premarket trading.