JPMorgan Chase & Co. reported on Tuesday that the net income in the second quarter of 2021 was $11.9 billion, or $3.78 per share, per Reuters. Investors were expecting an earning of $3.21 per share with a revenue of $29.97 billion in Q2.
"Quarterly reported revenue of $30.5 billion; managed revenue of $31.4 billion."
"Q2 results included $3.0 billion of credit reserve releases firmwide."
"Excluding credit reserve releases, Q2 net income of $9.6 billion."
"Quarterly average loans flat."
"Quarterly tangible book value per share of $68.91."
"Quarterly CCB average loans down 3%."
"Quarterly CCB average deposits up 25%."
JPMorgan's CEO Jamie Dimon noted that they were able to benefit from a significant reserve release in the second quarter as the environment continues to improve.
"Consumer and wholesale balance sheets remain exceptionally strong as the economic outlook continues to improve," Dimon added. "In the first half of 2021, extended credit, raised $1.7 trillion in capital for businesses, institutional clients, US customers."
JPMorgan Chase & Co. (NYSE: JPM) shares are down 1% in premarket following the quarterly earnings figures.
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