JPMorgan Powers Ahead
JPMorgan Chase & Company’s (JPM – Analyst Report) second quarter earnings came in at $1.09 per share, substantially ahead of the Zacks Consensus Estimate of 71 cents. The results also soared from the earnings of 28 cents in the prior-year quarter. The very impressive results were primarily supported by a slowdown in loan loss reserves, which more than offset a pressure on trading and investment banking revenues and a $550 million charge related to the U.K. bonus tax. Behind the Headlines Net income available to common shareholders was $4.8 billion, up 76% from $2.7 billion in the prior-year quarter. A significantly lower provision for credit losses primarily drove the results. However, lower revenues and higher non-interest expenses were the offsetting factors. Managed net revenues for the quarter came in at $25.6 billion, down 8% from $27.7 billion in the year-ago quarter. M Full post…