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JPMorgan tops expectations for Q2 earnings

Rochester Business Journal
July 15, 2014

JPMorgan Chase & Co., parent of the second-largest bank in the Rochester market, reported an 8 percent decline in second-quarter net income, but shares climbed Tuesday as earnings beat analyst estimates.

Net income for the quarter was nearly $6 billion, or $1.46 a diluted share, down from nearly $6.5 billion, or $1.60 a share, in the second quarter of 2013.

Analysts had expected earnings per share of $1.29.

“Toward the end of the second quarter, we saw encouraging signs across our businesses, including an uptick in wholesale utilization, strengthening our pipelines in our commercial and business banking segments, and some improvements in markets activity,” Chairman and CEO James Dimon said in a statement.

Revenues of $25.3 billion were down 2 percent from a year ago, and the most recent quarter also was affected by a $500 million after-tax legal expense. The $669 million pre-tax charge shaved 13 cents off quarterly earnings per share.

JPMorgan stock (NYSE: JPM) was up roughly 4 percent in afternoon trading at $58.49.
 
JPMorgan Chase Bank N.A. ranks second in the Rochester market with local deposits of nearly $2.1 billion, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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