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%.
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
Infographic: How Alaska Air Group (ALK) performed in Q1 2024
Alaska Air Group (NYSE: ALK) reported its first quarter 2024 earnings results today. Total operating revenue increased 2% year-over-year to $2.23 billion. Net loss amounted to $132 million, or $1.05 per
KMI Earnings: Kinder Morgan Q1 2024 adjusted profit increases; revenue drops
Kinder Morgan, Inc. (NYSE: KMI) reported higher adjusted earnings for the first quarter of 2024 despite a decrease in revenues. The energy infrastructure company also issued guidance for the full
What to expect when Altria (MO) reports first quarter 2024 earnings results
Shares of Altria Group, Inc. (NYSE: MO) stayed green on Wednesday. The stock has dropped 8% over the past one month. The tobacco giant is scheduled to report its first