jp morgan

The US banks’ earnings season kicked off on Friday, with JP Morgan reporting a 13 percent rise in profits in the second quarter.

Profits at the US’s biggest bank rose to $7 billion over the last three months, ahead of analysts expectations. Higher interest rates and loan growth offset a drop in trading revenue, with net income rising 13.4 percent to $7.03 billion over the period.

Chief Executive Jamie Dimon said in a statement that the bank “continued to post very solid results against a stable-to improving global economic backdrop.”

“The U.S. consumer remains healthy, as evidenced in our strong underlying performance in consumer and community banking,” he concluded.

Citigroup income falls despite higher revenues

Citigroup also reported its second quarter earnings on Friday, with the bank raking in a net income of $3.9 billion on revenues of $17.9 billion.

Profits fell 3.2 percent on the back of a Brexit-related decline in trading revenue, with net income falling net income falling from $4.00 billion the previous year to $3.87 billion.

Earnings per share rose to $1.28, above analysts expectations.


Leave a Reply