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JPMorgan Q2 Profit Up 16%, Results Beat Estimates

JPMorgan Chase & Co. (JPM) reported a profit for the second quarter that increased 16 percent from last year, driven by its diversified global business model and an income tax benefit related to the resolution of certain tax audits. Both earnings per share and revenue for the quarter beat analysts' expectations.

Net income for the second quarter grew 16 percent to $9.65 billion from last year's $8.32 billion, with earnings per share increasing to $2.82 from $2.29 in the prior year.

On average, 23 analysts polled by Thomson Reuters expected the company to report earnings of $2.50 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.15 billion, down from $1.21 million in the prior year.

Total net revenue rose to $28.8 billion from $27.8 billion in the prior-year quarter. On a Managed Basis, net revenue was $29.57 billion, up 4 percent from $28.39 billion in the previous year. Wall Street expected revenues of $28.91 billion for the quarter.

Net interest income was $14.5 billion, up 7 percent, driven by balance sheet growth and mix, as well as the impact of higher rates. Non-interest revenue was $15. 0 billion, up 2 percent from last year.

Noninterest expense was $16.3 billion, up 2 percent, driven by continued investments in the business and higher auto lease depreciation, partially offset by lower FDIC charges.

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