On Tuesday, J.P. Morgan Chase reported its latest quarterly earnings that exceeded analysts’ expectations.
The financial behemoth’s second-quarter profit surged +16% year-over-year to a record of $9.65 billion, or $2.82 a share - beating the $2.50 estimate of analysts surveyed by Refinitiv.
J.P. Morgan said that an apparent one-time tax advantage came from the resolution of “certain tax audits” that boosted the company’s per share earnings by 23 cents.
Total revenue for the company increased +4% to $29.57 billion, surpassing analysts’ expectations of $28.9 billion.
The bank’s revenue from its fixed income trading business increased +7% to $3.69 billion, which exceeded estimate of $3.36 billion. But its equities trading division revenue fell -12% to $1.73 billion, missing analysts’ estimate of $1.84 billion.
The company lowered its forecast for 2019 net interest income to $57.5 billion, compared with its prior prediction of $58 billion.