Two of Wall Street’s biggest banks kicked off second-quarter results season with a boost to earnings. JP Morgan Chase said that Q2 profit rose 18% as the bank continues to benefit from a strong US economy and the new federal tax law. Citigroup said its Q2 profit rose 16%. Both banks exceeded analysts’ expectations; for Wells Fargo, it was a different story.

JP Morgan Q2 Earnings at a Glance

  • Profit: $8.3 billion, or $2.29 a share. Analysts polled by Thomson Reuters had expected earnings of $2.22 a share.
  • Trading revenue: $5.4 billion, a 13% increase from $4.8 billion a year earlier.
  • Costs: $15.97 billion, an increase from $14.77 billion a year earlier.
  • Return on equity: 14% in Q2 compared with 12% a year ago.

Citi’s Q2 Earnings at a Glance

  • Profit: $4.49 billion, up from $3.87 billion a year earlier. Per-share earnings were $1.63. Analysts had expected $1.56 per share.
  • Revenue: $18.47 billion, a 2% rise from a year ago. Analysts had expected $18.51 billion.

Meanwhile, Wells Fargo reported a profit of $5.19 billion, or $0.98 a share.

That was down from $5.86 billion in the year-ago quarter.

Revenue also fell, to $21.6 billion from $22.2 billion in the second quarter of 2017.

The bank in mid-April adjusted first-quarter earnings down $800 million after paying a $1 billion settlement to regulators over improper charges to mortgage and auto-loan customers.

Read more on Wells Fargo earnings.

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