JPMorgan Chase & Co surprised with its financial results for the second quarter. Furthermore, the revenue from trading of financial instruments with fixed income fell in less than analysts expected. The Bank’s net profit fell 7.9% to 5.99 billion USD or 1.46 USD per share, compared to the positive financial result for 6.5 billion USD, or 1.60 USD per share implemented year earlier. The median forecast of the analysts was for a profit of 1.31 USD per share.
In May, JPMorgan warned that weaker results from trading in shares and mortgage lending will be transferred on the results for the second quarter.
Bank of America Corp published its disappointing quarterly financial report a few days ago with a profit 2.3 billion USD. The largest bank by market capitalization in USA – Wells Fargo & Co, already reported profit growth of 3.8% due to lower credit costs. The profits of Citigroup did melt by 96% after the lender has agreed to pay a fine of 7 billion USD.
After the financial report on the New York Stock Exchange the shares of JPMorgan rose 0.9% to 56.29 USD per share. YTD treasury shares went down with 3.7%.