This Week
  • The Market at I-Square is a milestone for the $18 million project in Irondequoit.

  • Leonard Brock grew up very poor and tries to help others in need.

  • Pharos Systems International has grown to become a multinational enterprise.

  • For employees today, paid leave is one of the most important benefits.

  • New Simon School dean Andrew Ainslie has a plan to raise its national stature.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

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.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google