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