JPMorgan Chase Tops Revenue Estimates in Second Quarter
The world's largest bank by market cap reported adjusted earnings per share of $4.96 on revenue that fell 11% year-over-year to $44.9 billion, though both figures exceeded analysts' estimates. Net interest income, a key measure of profitability, rose 2% year-over-year to $23.3 billion, just short of analysts' projections.
CFO Jeremy Barnum said in Tuesday's earnings call that "we continue to struggle to see signs of weakness" among the bank's American customers, adding that "the consumer basically seems to be fine."
The bank also lifted its full-year net interest income projection by $1 billion from its previous forecast to about $95.5 billion.
"The U.S. economy remained resilient in the quarter," JPMorgan CEO Jamie Dimon said in a release. "The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist—including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices."
JPMorgan shares edged about 0.6% lower shortly after markets opened. They're up about 20% since the start of this year.
Last quarter, JPMorgan topped estimates as Dimon warned that tariffs and trade wars were creating "considerable turbulence" that could persist through much of this year. JPMorgan and other banks including Citigroup (C) and Wells Fargo (WFC) are kicking off the second-quarter earnings season, with other banks and large companies set to follow later this week.
Big bank stocks were boosted last month following the results of the Federal Reserve's annual stress test that evaluates how the institutions would fare in a severe economic downturn or recession. This year's test showed that large banks have large enough capital stored away to weather a hypothetical downturn without government assistance, the Fed said last month.
This article has been updated since it was first published to include additional information and reflect more recent share price values.
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