JPMorgan Q2 Results Top Estimates - Update

(RTTNews) - US investment bank JPMorgan Chase & Co. (JPM) reported Friday net income for the second quarter that surged to $18.15 billion or $6.12 per share from $14.72 billion or $4.75 per share in the prior-year quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $4.19 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $3.05 billion, reflecting a net reserve build of $821 million and net charge-offs of $2.2 billion, compared to last year's $2.90 billion.

Total net revenue on a reported basis grew 22 percent to $50.20 billion from last year. On a managed basis, net revenue was $50.99 billion, up 20 percent from $42.40 billion in the same quarter last year. The Street expected revenues of $42.34 billion for the quarter.

Net interest income was $22.9 billion, up 4 percent or up 3 percent excluding Markets, driven by higher rates, higher revolving balances in Card Services and one additional month of First Republic, partially offset by lower deposit balances and deposit margin compression.

Non-interest revenue was $28.1 billion, up 37 percent, predominantly driven by driven by higher investment banking fees, asset management fees and CIB Markets noninterest revenue.

Noninterest expense was $23.7 billion, up 14 percent, predominantly driven by higher compensation, including higher revenue-related compensation and growth in employees.