JPMorgan Earnings Beat Wall Street Estimates

JPMorganJPMorgan (JPM) reported second-quarter earnings Thursday, beating analyst expectations.

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.
Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.