Seeking Alpha

JPMorgan +1.8% after blowing past estimates

  • Q2 earnings of $6B or $1.46 per share includes $500M or $0.13 per share in after-tax legal expense. Estimates were for earnings of $1.31 per share. About $3B returned to shareholders - $1.5B stock buyback and $0.40 dividend.
  • Consumer & Community Banking net income of $2.4B fallsl 21% Y/Y, with net revenue of $11.4B off 5%. Net interest income of $7B falls 2%. Noninterest revenue of $4.5B down 9% thanks to mortgage slowdown (originations fell 66% from a year ago). Credit loss provision of $852M compared with a benefit of $19M a year ago. Noninterest expense of $6.5B falls 6% driven by job cuts in mortgages.
  • Corporate & Investment Bank net income of $2B fallsl 25% Y/Y on revenue of $9B, off 6% (excluding impact of DVA). Banking revenue of $3.1B off 2%, with higher advisory fees and equity underwriting fees offset by lower debt underwriting fees. Markets & Investor Services revenue of $5.9B falls 12%, with fixed income revenue of $3.5B off 15%.
  • Conference call at 8:30 ET
  • Previously: JPMorgan Chase beats by $0.30, beats on revenue
  • JPM +1.8% premarket

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Comments (2)
  • june1234
    , contributor
    Comments (3065) | Send Message
     
    Earnings declined 8%
    15 Jul 2014, 08:26 AM Reply Like
  • Phr3d
    , contributor
    Comments (291) | Send Message
     
    Yep, me confoosed.. lesson is to telegraph even Worse numbers so the headlines read JPM beats street by a bunch? That balance sheet don't look at All good to me, but the market is acting like it's stunning positive?
    15 Jul 2014, 07:43 PM Reply Like
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