JPMorgan Chase results again beat analyst forecasts with a record second quarter net income of $8.32bn, up 18.5% from the year ago quarter.
Chase’s retail focused consumer and community banking (CCB) unit posted net income up 53% y-o-y to $3.4bn; net revenue was $12.5bn, an increase of 10%.
Average core loans rose by 7% with average deposits up 5% y-o-y.
CCB credit-card sales volume increased by 11% with merchant processing volume up 12%.
The provision for credit losses was $1.2bn, flat compared with the prior year.
JPMorgan Chase results: channels
Chase ended the first half with 5,091 branches, down a net 126 from 5,217 a year ago.
Digital channel highlights included:
- Active digital banking customers rose by 4.5% to 47.95 million, and
- Active mobile banking customers rose by 10.4% to 31.65 million.
Jamie Dimon, Chairman and CEO, said: “We see good global economic growth, particularly in the US, where consumer and business sentiment is high. Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter.
“We also want to acknowledge that global competition is getting stronger. The healthy US consumer drove double digit growth in client investment assets, card sales and merchant processing volumes.
Dimon added: “Our strong, diversified franchise generates significant capital to invest in technology, bankers, products and markets. This quarter alone we announced new card products, the national rollout of our all-mobile bank, Finn, new branches in the Washington DC area, and plans for a more significant investment in China.”