JPMorgan Chase on Thursday, July 15, reported earnings per share of $1.09 for the second quarter vs. $0.28 in the same year-ago period, sharply topping analysts’ expectations of $0.70.
The bank is the first large financial institution to share its second-quarter results, which those of rivals Bank of America and Citigroup are expected on July 16.
JPMorgan’s net income was $4.8 billion, compared with $2.7 billion in the second quarter of 2009, but revenue was down 9% to $25.6 billion — slightly ahead of expectations.
“Our net income increased to $4.8 billion, including the benefit from a $1.5 billion reduction of loan loss reserves – which we do not believe represents normal ongoing earnings – partially offset by a charge of $550 million for the U.K. bonus tax,” said Chairman and CEO Jamie Dimon in a press release.
As of mid-day July 15, JPMorgan’s shares were trading down – along with the broader markets – by about 1.6% at $39.69 a share on close to average volume of 44 million shares. As of Thursday, the bank’s market capitalization is nearly $160 billion. Its 52-week trading range is $35-$48.
Net income in this division rose 11% from the prior year to $391 million on net revenue of $2.1 billion, which increased 4%.
This included rising sales within the private bank, which had revenues of $695 million, up 9% from the same year-ago period.