JPMorgan Q2 Profit Soar 155%, Results Top Estimates - Quick Facts

JPMorgan Chase & Co. (JPM) reported Tuesday that net income for the first quarter soared 155 percent to $11.95 billion from last year's $4.69 billion, with earnings per share surging to $3.78 from $1.38 in the prior year.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $3.20 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was a net benefit of $2.29 billion, including net reserve releases of $3.0 billion and $734 million of net charge-offs, compared to a provision of $10.47 billion in the prior year.

Total net revenue declined to $30.5 billion from $33.1 billion in the prior-year quarter. On a Managed basis, net revenue was $31.40 billion, down 7 percent from $33.82 billion in the previous year. Wall Street expected revenues of $29.96 billion for the quarter.

Net interest income was $12.9 billion, down 8 percent, predominantly driven by lower net interest income in CIB Markets and lower loans in Card. Non-interest revenue was $18.5 billion, down 7 percent, primarily driven by lower CIB Markets revenue.

Noninterest expense was $17.67 billion, up 4 percent, largely driven by continued investments in the business including technology and front office hiring.

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