JP Morgan Chase & Co smashes Wall Street’s analysts expected earnings

Woah!

JP Morgan Chase & Co have reported strong earnings despite analysts estimates, as the second quarter results that came out Friday, that reported earnings per share is $1.82 compared to Thomson Reuters analysts estimating it being at $1.58.

Revenues for the three months to June were reported at $26.4bn despite the consensus forecast of $25bn.

They lowered their interest income forecast by around $500bn to $4bn increase from the previous year.

JP Morgan’s CEO, Jamie Dimon said: “We continued to post very solid results against a stable-to-improving global economic backdrop. The US consumer remains healthy, evidenced in our strong underlying performance in consumer and 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 and investment bank, we maintained our leadership in banking, while markets revenue was down amid lower volatility and client activity.”

Finance chief, Marianne Lake said to investors at the end of May: “As a sweeping generalisation, low rates, a more cautious outlook on rates, and low volatility have led to low client flows and a generally quiet, subdued and challenging trading environment.”

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