JPMorgan: Q2 earnings

Summary of JPMorgan's earnings for its second quarter, following which shares went up 1.4% in the pre-market (12.04pm London time).

 

Revenue

Earnings per share

Expected

$23.89 billion $1.31

Actual

$25.35 billion $1.59

 

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The tone of JPMorgan’s results pointed to the possibility that lending may soon be increased by major banks, in a bid to kick-start the US economy in the wake of its first quarter slump.

Overall the picture was not exciting – profits were down 8% from the second quarter last year, while expectations were low allowing the bank to easily surpass them (although this is a feature not confined to JPMorgan).

Small business loans surged by 50%, the beginnings of a trend that may help to offset the reduction of stimulus being carried out by the Federal Reserve. Trading revenues were lower, but mergers and acquisitions and underwriting activity was still strong. Perhaps the most disappointing element was the fall in mortgage lending, which hit $17 billion from $50 billion last year.

A choppy year so far for JPMorgan shares has seen them bounce either side of the 200-daily moving average. However the results were received with a 3.7% increase in the share price, pushing it to its highest level since April. Now it needs to move on above $60, with a potential cross of the 50-DMA above the 200-DMA sending an encouraging signal to technical traders

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