JPMorgan Chase posted second-quarter earnings of $1.54 per share, up from $1.46 a share in the year-earlier period. Revenue fell to $24.5 billion from $25.35 billion a year ago.
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JPMorgan Chase net income was $6.3 billion, up 5%. Net revenue was $24.5 billion, down 3%, driven by lower Mortgage Banking revenue and lower CIB Markets revenue related to business simplification, partially offset by growth in Asset Management.
Noninterest expense was $14.5 billion, down 6%, driven by business simplification, lower legal expense and lower Mortgage Banking expense.
The provision for credit losses was $935 million, up 35%, despite lower net charge-offs, due to lower reserve releases compared with the prior year. In the current quarter, consumer reserve releases of $324 million were largely offset by an increase in reserves across the wholesale businesses of $252 million driven by select downgrades, including Oil & Gas.
Consumer & Community Banking net income was $2.5 billion, an increase of 1%. Net revenue was $11 billion, a decrease of 4%. Net interest income was $6.9 billion, down 2%, driven by spread compression, largely offset by higher deposit and loan balances. Noninterest revenue was $4.1 billion, down 8%, driven by lower Mortgage Banking revenue.
Noninterest expense was $6.2 billion, a decrease of 4% from the prior year, predominantly driven by lower Mortgage Banking expense. The provision for credit losses was $702 million, a decrease of 18%, reflecting lower net charge-offs.
Consumer & Business Banking net income was $831 million, a decrease of 8%.
Corporate & Investment Bank net income was $2.3 billion, up 10%. Net revenue was $8.7 billion, a decrease of 6%. Banking revenue13 was $2.9 billion, down 3%, reflecting lower Lending revenue due to losses on securities received from restructurings.
Investment banking revenue was up 4% on higher advisory fees and higher debt underwriting fees, partially offset by lower equity underwriting fees compared to a strong quarter for equity underwriting in the prior year.
Treasury Services revenue was $901 million, down 2%, driven by lower net interest income largely offset by noninterest revenue. ■