Q2 earnings season officially started just before 7am ET when JPM reported earnings which, as expected, trounced expectations primarily on the back of generous contributions from the First Republican FDIC/taxpayer bailout-cum-gift, which has helped push the bank’s net interest income that much closer to a mindblowing $100 billion.
Here is what JPM reported for Q2: Reported revenue of $41.3BN and Adj. Revenue $42.40BN, both beating consensus est of $39.34BN, both record high This was boosted by a record $21.8 billion in net interest income , but it was the massive $2.7 billion gain from the First Republic taxpayer gift that really sent JPM soaring.
Diluted EPS of $4.75 and Adj. EPS $4.37, both beating estimates of $$4.00
Managed Net Interest Income $21.88B, beating estimates of $21.17B Credit costs of $2.9 billion included a $1.5 billion net reserve build and $1.4 billion of net charge-offs Average loans up 13%; average deposits […]
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