JPMorgan Chase & Co (JPM) posts net income of US$8.6 bn in Q2

July 14, 2022 09:04 AM PDT | By Mridul Gogoi

JPMorgan Chase & Co (JPM) posts net income of US$8.6 bn in Q2 — Image source: © Wellesenterprises | Megapixl.com

JPM is America’s largest bank and of the big four

JPM, which is America’s largest bank, reported its noninterest expense at US$18.7 billion, propelled by continued investments in businesses, including technology, marketing, and higher structural expense.

Its Consumer & Business Banking division’s net revenue was US$6.6 billion, up 9% from the year-ago quarter at US$6.0 billion, predominantly driven by growth in deposits.

JPM’s banking revenue was US$3.2 billion, down 37% from the same quarter in 2021 at US$5.1 billion.

The four biggest US banks are bracing for a record US$3.5 billion of loss provisions for the quarter as they fight against a steep economic slowdown triggered by the US central bank’s aggressive interest rate hike to quash the runaway inflation.

Bottom line:

Other US banks that have their earnings reports scheduled this week include Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), and Morgan Stanley (NYSE:MS). Next week will be followed by Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC).

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