JPMorgan earnings lifted by lower expenses/AFP
NEW YORK, Jul 14- JPMorgan Chase earnings edged higher Tuesday, with lower expenses making up for a mixed performance in its various lending operations.
Earnings for the second quarter were $6.3 billion, up 5.2 percent from the year ago period.
Revenues fell 3.2 percent to $24.53 billion.
The results benefitted from a drop in noninterest expenses with a big decline in this category in the corporate and investment bank business, where the giant bank had lower compensation expenses and simplified some operations.
JPMorgan, which has faced numerous regulatory probes the last three years, also cited lower legal expenses.
Results in consumer and community banking edged higher, with an increase in the credit cards/auto loans division offsetting a 20 percent decline in mortgage banking profits.
Earnings in corporate and investment banking rose behind higher investment banking revenue and in spite of lower revenues in fixed income trading.
Earnings in commercial banking fell due to much higher provisions for credit losses.
Chief executive Jamie Dimon said it was a “strong” quarter.
“We are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non operating deposits, and adding to our capital,” Dimon said.
“We are also on target to deliver on our expense commitments.”
The results translated into $1.54 per share, 10 cents above analyst forecasts.
Dow member JPMorgan rose 1.0 percent to $68.80 in pre market trade.
