- Yuri Gripas/Reuters; Samantha Lee/Business Insider
- JPMorgan Chase beat on earnings Friday morning, announcing record second-quarter results.
JPMorgan Chase announced record second-quarter results Friday morning, posting earnings of $2.29 a share. Analysts had expected earnings of $2.22.
The beat was driven by gains across most business lines, with higher interest rates benefitting most of the bank’s businesses. Here are the key numbers:
- Revenue: $27.8 billion, up 8% from last year.
- Adjusted net income: $8.32 billion, up 18% from last year when results benefited from a legal settlement.
- Consumer and community banking: Net income increased 53% to $3.4 billion on revenue of $12.5 billion, as Federal Reserve interest-rate hikes helped interest income.
- Corporate and investment banking: Net income was up 18% to $3.2 billion on revenue of $9.9 billion. Markets revenue rose 12% to $6.5 billion, while banking revenue rose 9% to $3.5 billion.
- Commercial banking: Net income rose 21% to $1.1 billion on revenue of $2.3 billion, driven by higher interest income.
- Asset and wealth management: Net income was $755 million, up 21% from the year earlier.
“We see good global economic growth, particularly in the US, where consumer and business sentiment is high,” JPMorgan CEO Jamie Dimon said in a statement. “Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter.”