JP Morgan Chase earnings and revenue beat the expectations

JP Morgan Chase reported strong second quarter 2017 earnings and revenue, helped by lending.

jp morgan chaseIn second quarter 2017, JP Morgan Chase & Co. (NYSE: JPM) reported a profit of $7.03 billion, or $1.82 a share. That compares with a profit of $6.2 billion, or $1.55 a share, in the same period of 2016, against a consensus of $1.58 a share. Revenue rose 4.7% to $26.41 billion (expected $24.96 billion).

The bank had a legal benefit of $406 million after taxes related to a settlement involving Washington Mutual, which it bought during the financial crisis. Although firmwide expense added up to $61 million, the settlement benefit helped boost earnings per share by 11 cents. Absent that, the bank would have posted $1.71 a share in earnings.

Jamie Dimon, Chairman and CEO, commented on the financial results: “We continued to post very solid results against a stable-toimproving global economic backdrop. The U.S. consumer remains healthy, evidenced in our strong underlying performance in Consumer & Community Banking. Loans and deposits continue to grow strongly, and card sales and merchant processing volumes were up double digits, reflecting our consistent investment in the business. In the Corporate & Investment Bank, we maintained our leadership in Banking, while Markets revenue was down amid lower volatility and client activity.”