JPMorgan Chase Q2 Results Climb, Top Estimates; Stock Up In Premarket

JPMorgan Chase (JPM) reported Friday that its second-quarter net income climbed 67 percent to $14.47 billion from last year’s $8.65 billion. Earnings per share grew 72 percent to $4.75 from $2.76 a year ago.

Net income attributable to First Republic was $2.4 billion in the quarter. Excluding First Republic, net income was up 40 percent.

On average, 21 analysts polled by Thomson Reuters expected the company to earn $3.99 per share for the quarter. Analysts’ estimates typically exclude special items.

Net revenue climbed 34 percent to $41.31 billion from last year’s $30.72 billion. Net revenue – managed grew 34 percent to $42.40 billion.

Analysts projected sales of $38.96 billion for the quarter.

Net revenue was up 21 percent excluding First Republic. Net interest income was $21.9 billion, up 44 percent, or up 38 percent excluding First Republic.

The provision for credit losses was $2.9 billion, compared to $163 million last year.

Assets under management of $3.2 trillion grew 16 percent.

In pre-market activity on the NYSE, JPM shares were trading at $154.20, up 3.6 percent.

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