JPMorgan Just Reported $21.2 Billion in Q2 Net Income -- Up 41% -- and CEO Jamie Dimon Said the Economy Is "Close to as Good as It Gets."
Dimon says JPMorgan Chase is firing on all cylinders.
Overview
Some people call big banks the bellwethers of the economy. If that's the case, things may not be all that bad, at least judging by the performance of JPMorgan Chase (NYSE: JPM) in the second quarter.
The nation's largest bank had a record quarter, crushing analysts' estimates. JPMorgan Chase generated a record net income of $21.2 billion, up 41% year over year. Earnings were $7.70 per share, up 47% year over year. On an adjusted basis, the bank earned $16.9 billion, or $6.14 per share. The adjustments were related to special items, which consisted mostly of a one-time $4.6 billion gain from its equity stake in Visa. Analysts had expected earnings of $5.59 per share, so this blew past those estimates.
Details
Revenue also set a record, coming in at $57.3 billion, up 28% year over year and significantly above estimates of $51.1 billion. CEO Jamie Dimon said the firm had record revenue across all lines of business.
Source
Originally published at www.fool.com.