JPMorgan 2Q profit rises 4 percent to $5.78 billion; beating analysts' expectations

Industries Associated Press

JPMorgan Chase & Co. says its second-quarter profit rose 4 percent from a year earlier, helped by lower legal expenses and growth in its consumer banking division.

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The largest U.S. bank by assets earned $5.78 billion after payments to preferred shareholders. That compares to a profit of $5.57 billion a year earlier. On a per share basis, the bank earned $1.54, compared with $1.46 a year earlier.

The results beat analysts' expectations. The average estimate of financial analysts surveyed by FactSet was $1.43 per share. That estimate typically excludes one-time items. Net revenue at the bank totaled $23.81 billion, compared with $24.68 billion in the same period a year earlier.

Shares of JPMorgan rose 2 percent in pre-market trading.