Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

JPMorgan earnings lifted by lower expenses

Fed targets JPMorgan as it favors traditional banks/AFP

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.

Advertisement. Scroll to continue reading.

“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.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...