JPMorgan Chase beats profit estimates on strong dealmaking, trading
JPMorgan
JPMorgan Chase, the largest bank in the United States, has turned in better-than-expected second-quarter profits due to its perfect investment banking business with the high tide of merger and acquisition activities.
With a confident U.S. economic outlook buoying more companies to raise capital and strike deals, this would further enrich fee income for Wall Street banks.
JPMorgan's investment banking fees leapt 50 per cent from a low base in the previous quarter, topping the company's prediction of a 25 per cent-30 per cent rise.
JPMorgan CEO Jamie Dimon changed his mind from stating a similar list to admitting good signs about the economy but warned that there could be risks—to include "the most dangerous geopolitical situation in my career since World War II," not to add inflation and interest rates going higher than expected due to factors such as large fiscal deficits and trade disruption.
Provisions for possible loan losses rose 62 per cent compared with the first quarter, as it took an increasingly cautious stance.
But there was little sign of this caution's chilling effect on lending, which remained healthy, as higher interest rates buoyed net interest income.
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The overall profit of JPMorgan rose 25 per cent to $18.15 billion, topping analyst expectations. Net income was still higher than analyst estimates, excluding a one-time gain from a deal with Visa.
Trading revenue did very well with a year-over-year increase of 10 per cent.
As far as its commercial and investment banking unit went, it marked record revenue for the first half of the year.
A spate of analysts pointed at the strong performance in investment banking and trading, while there were some pointers to weakness in consumer banking.
"The strength in investment banking and trading more than offset weak spots elsewhere," Opimas CEO Octavio Marenzi said to Reuters. The stock of JPMorgan eased a little in pre-market trade.
Investors had been paying close attention to succession plans at the bank, as Chief Executive Dimon is expected to retire in the next couple of years.
The board at JPMorgan is said to be reviewing an array of names, including co-heads for the commercial and investment bank, the consumer and community banking chief and the head of the asset and wealth management division.
(With inputs from Reuters)
