XLF - JP Morgan Chase Q2 Earnings: Investment Banking Revenues Up 46% CEO Jamie Dimon's Cautious Comment And More | Benzinga
JPMorgan Chase & Co. (NYSE:JPM) shares are trading lower after it reported second-quarter FY24 results.
Reported revenue rose 22% Y/Y to $50.2 billion, beating the consensus of $42.3 billion. Net revenue (managed) stood at $51.0 billion (+20% Y/Y) in the quarter.
Consumer & Community Banking (CCB) revenue increased 3% Y/Y to $17.7 billion, and Commercial & Investment Banking was $17.9 billion (+9% Y/Y) in the quarter.
Investment Banking revenue was $2.5 billion, up 46%. Investment Banking fees were up 50% Y/Y, led by higher fees across all products. Asset and Wealth Management (AWM) revenue was $5.3 billion (+6% Y/Y), and Corporate revenue stood at $10.1 billion in the quarter.
In AWM, Assets under management (AUM) stood at $3.7 trillion (+15%), and client assets stood at $5.4 trillion (+18%), driven by higher market levels and continued net inflows.
Net interest income increased by 4% Y/Y to $22.9 billion and +3% Y/Y, excluding Markets. Noninterest revenue was $28.1 billion, up 37% Y/Y, in the quarter.
Excluding the $7.9 billion net gain related to Visa Inc. (NYSE:V) shares and the estimated bargain purchase gain associated with First Republic of $2.7 billion in ...