JPM hits profit margin out of the park

Despite it being Friday the 13th, JPMorgan chief Jamie Dimon has no superstitions about reporting record profits for second quarter as bank reporting season kicks off.

The globe’s largest bank by assets locked in a profit of $8.3 billion on higher trading and investment banking revenue as compared to year earlier results. Overall the bank beat on both the top line of $28.39 billion, beating estimates of $27.34 billion and bottom line of EPS of $2.29, vs expectations of a $2.22.

The 18% profit number nearly doubled the street estimate of 9.4%.

JPMorgan’s income rose to $8.32 billion, or $2.29 per share, in the second quarter ended June 30, from $7.03 billion, or $1.82 per share, a year earlier.

Analysts expected the bank to earn $2.22 per share.

 

 

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