JPMorgan beats 2Q expectations

FBN’s Maria Bartiromo breaks down JPMorgan’s second-quarter results.

JPMorgan Chase, the nation’s biggest bank by assets, topped second-quarter expectations thanks to a “healthy” U.S. consumer while the bank continued to benefit from the new tax law.

The company announced second-quarter earnings per share of $2.29 on managed revenue of $28.4 billion. Analysts expected profit per share of $2.22 on revenue of $27.36 billion.

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	246.25	-3.47	-1.39%

Commenting on the results, JPMorgan said, “Healthy U.S. consumer drove double-digit growth in client investment assets, card sales and merchant processing volumes” in the quarter.

According to CEO Jamie Dimon, this quarter alone, the company announced new card products, while the company “plans for more significant investment in China.”