JPMorgan Chase & Co (NYSE:JPM) shares rose as much as 3% in pre-market trading on Friday after the big US bank saw its second-quarter 2023 revenue rise 34% year over year to $41 billion, boosted by higher interest rates and better-than-expected bond trading results.
Its adjusted earnings per share (EPS) for the period, meanwhile, surged 67% to $4.37.
Analysts polled by Refinitiv expected $38.96 billion in revenue along with adjusted EPS of $4.
Results from JPMorgan’s retail banking division stood out in 2Q, as that segment’s revenue climbed 37% while its profit jumped 71% to $5.3 billion.
Notably, First Republic, the former failed regional bank that JPMorgan acquired in a government-run auction, contributed a net of $2.4 billion in income during the quarter, the company stated.
Company CEO Jamie Dimon, however, cautioned that there were “salient risks in the immediate view” including dwindling consumer balances, the risk that interest rates would be higher for longer than expected, and geopolitical tension including the Ukraine war, CNBC reported.
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