The largest US bank by assets reported a 5.2% rise in profits for the
three months to end-June of $6.29bn (£4bn). Revenue fell 3.2% to
$24.53bn.
Banks have been under pressure to cut costs and hold more capital in reserve in case of future financial shocks.
JP Morgan said legal costs fell sharply, from $669m last year to $291m.
"We've made good progress this quarter," said chief executive Jamie Dimon in a statement. "We are also on target to deliver on our expense commitments."
JP
Morgan is one of the first of the big banks to report its latest
quarterly figures. Analysts had expected the firm's profits to be weak,
reflecting pressures on trading and worries about the global economy.
Wells Fargo also reported figures
on Tuesday, with the largest mortgage lender in the US reporting a fall
in second-quarter profits of $5.72bn, down slightly from $5.73bn.
Wells
Fargo made $62bn of home loans in the three months to 30 June, up from
$47bn a year earlier and $49bn in the first quarter.
"Mortgage
banking was a little weaker than I had thought... that was a little bit
of a disappointment," said Sandler O'Neill analyst R. Scott Siefers.
Shares in both banks were little changed at the start of Wall Street trading.
No comments:
Post a Comment