JP Morgan (JPM) Posts Q2 Results, Reports Earning $4.8B
JP Morgan Chase & Co. (NYSE: JPM), the financial services giant, today reported its second-quarter financial results. The bank reported second-quarter net income $4.8 billion, compared with $2.7 billion in the second-quarter of 2009. The company reported second-quarter EPS of $1.09, compared with $0.28 reported for the second-quarter of 2009.
JP Morgan’s investment banking division reported net income of $1.4 billion, down 6% from the same period last year. The department reported net revenue of $6.3 billion, compared with $7.3 billion reported for the last year. The company has reported a decrease of 37% in investment banking fees for the second quarter. Equity underwriting fees stood at $354 million, debt underwriting fees stood at $696 million and advisory fees of $355 million.
The bank’s retail financial services division reported net income of $1 billion for the second quarter. Net revenue was $7.8 billion, down 2% from the same period last year. Net interest income stood at $4.8 billion, down 4% from the same period last year. The retail financial services division consists of the retail banking, mortgage banking & consumer lending divisions.
JP Morgan reported second-quarter income of $914 million from its retail banking operations, a 6% decline from the same period last year. Net revenue at the retail banking division was $4.4 billion, down 3% from the same period last year.
Mortgage banking & Consumer lending division, meanwhile, reported net income of $364 million for the second quarter. Net revenue stood at $2 billion in the quarter.
Jamie Dimon, chairman and CEO of JP Morgan, said that the bank’s net income benefited from a $1.5 billion reduction of loan loss reserves. Dimon said that the bank has maintained a very high liquidity. It ended the second quarter with a strong Tier 1 Common ratio of 9.6%.
Shares of JP Morgan are down in today’s trading. The stock touched a low of $40.84 in mid-day trading. At last check, it was down 0.55% to $40.13, with volume up from daily average of 43.16 million to 55.84 million. The stock has a 52-week range of $35.01-$48.20.
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