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July 14, 2016 at 10:55 AM
JPMorgan Chase & Co. (JPM) posted a 3% jump in sales for the second quarter of 2016 compared with the same period in 2015, though its total profits were down 1% from last year. Still, these results beat equity analysts’ expectations.
The largest U.S. bank by assets said it had revenue of $25.3 billion and net income of $6.2 billion, or $1.55 a share, vs. a profit of $6.29 billion, or $1.54 a share, in the same period of 2015. Analysts polled by Thomson Reuters had expected sales of $24.16 billion and earnings of $1.43 a share.
The firm, which has some 2,620 financial advisors, says its expenses fell to $13.64 billion from $14.5 billion a year before. Net interest income jumped 5% to nearly $11.4 billion.
“JPMorgan Chase continued to perform well in all of our major businesses,” said Chairman & CEO Jamie Dimon, in a statement. “Outside of energy, both wholesale and consumer credit quality remained very good.”
Investment banking revenue, however, weakened 15% to $1.5 billion in Q2’16, as equity underwriting fees declined. Meanwhile, Treasury services revenue fell slightly to $892 million, and securities services sales were $907 million, down 9% from a year ago.
Still, low interest rates helped the firm’s consumer and community banking unit, which saw its sales grow 4% from a year ago to $11.5 billion and more applications for mortgages completed by potential homebuyers. Mortgage banking revenue grew 5% year over year to $1.9 billion.
