Categories Earnings, Finance, LATEST

JPMorgan reports solid results for Q2 2018; beats analyst expectations

JPMorgan Chase & Co. (JPM) reported revenues of $27.8 billion for the second quarter of 2018, in line with analyst expectations, and above the prior-year period results. Net income grew 18% to $8.3 billion while diluted EPS came in at $2.29, beating analyst expectations.

Net interest income rose 9% during the quarter driven by higher rates and loan growth while non-interest revenue grew 4% driven by higher markets revenue, investment banking fees and auto lease income. Non-interest expense increased 8%.

JPMorgan second quarter 2018 results
JPMorgan Q2 2018 Earnings Infographic

Average core loans, excluding CIB, were up 7% year-over-year. The company distributed $6.6 billion to shareholders during the second quarter. Last month, JPMorgan received approval to increase its dividend to $0.80 per share from the third quarter of 2018. The company also authorized an equity repurchase program valued at $20.7 billion.

Total revenues in its CCB business increased 10% during the quarter. In the CIB business, revenues grew 11%. Commercial Banking (CB) revenues rose 11%, driven by higher net interest income and higher investment banking revenue.  The AWM segment revenues improved 4%.

In the CCB segment, average loans were up 2%, and average deposits were up 5%. In the CB segment, average loan balances grew 4% while average client deposits were down 1% year-over-year. In the AWM business, average loan balances increased 12% while average deposit balances dropped 7%.

Related: JPMorgan Q2 Earnings Preview: Banking stocks might see green

Related: JPMorgan Q2 2018 Earnings Transcript

Related: JPMorgan Q1 2018 Earnings Infographic

Most Popular

AAPL Earnings: Apple Q1 revenue up 11%; earnings beat Street view

Apple Inc. (NASDAQ: AAPL) on Thursday said its first-quarter sales and earnings increased, aided by stable demand for its popular smartphone brand iPhone and strength of the services business. The

INTC Stock: Intel set to gain from stable sales, capacity expansion this year

Intel Corporation (NASDAQ: INTC) has been on an aggressive expansion drive to strengthen its foothold in the semiconductor industry. The chipmaker's recent performance indicates it has effectively tackled competition through

Microsoft (MSFT) becomes a compelling buy after strong earnings, Activision deal

Microsoft Corp. (NASDAQ: MSFT) is one of the most innovative technology companies, constantly transforming the business to align with the rapidly changing digital economy. While aggressively participating in the digital

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top