JP Morgan posts Q2 adjusted EPS of $1.46 vs. $1.31 estimate
Investing.com -
Investing.com - JP Morgan Chase & Co (NYSE:JPM), the largest U.S. bank, reported better-than-expected second quarter earnings and revenue ahead of Tuesday's opening bell.
JP Morgan said adjusted earnings per share came in at $1.46 in the second quarter compared to expectations for earnings of $1.31 per share. The bank's second quarter revenue totaled $24.45 billion, beating expectations for revenue of $23.89 billion.
JPM said second quarter results were affected by a $500 million write-off ($0.13 per share) for legal expenses.
Mortgage originations totaled $16.8 billion, a 66% drop from the same period a year ago, while markets and investor services revenue declined 12% to $5.9 billion.
Commenting on the results, Jamie Dimon, Chairman and Chief Executive Officer, said, 'Despite continued industry-wide headwinds in Markets and Mortgage, the firm has continued to deliver strong underlying performance.'
Traders will now turn their attention to the bank's conference call due to start at 8:30 a.m. Eastern Time.
Following the release of the report, shares in JPM (NYSE:JPM) added 1.8% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was steady. The Dow futures indicated a gain of 0.1%, the S&P 500 pointed to a loss of 0.2%, while the Nasdaq 100 indicated a decline of 0.1%.
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