JPMorgan Beats the Street on Lower Expenses

JPMorgan Chase reported Q2/15 earnings of $6.3 billion, up 5.2% from $6.0 billion in Q2/14, despite a net revenue decline of 3.2% or $806 million. Earnings per share of $1.54 exceeded analysts polled by Thomson Financial of $1.44 EPS. The bank said noninterest expense of $14.5 billion was down about 6% from $15.4 billion or $931 million a year earlier.

“Our company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth. This quarter was another example of the poser of our platform and risk discipline, and of being there for our clients – as we always are – in good times and in volatile markets.” said JPMorgan Chase chairman and CEO Jamie Dimon. “We are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non-operating deposits, and adding to our capital. We are also on target to deliver on our expense commitments. We continue to add value to our customers, clients and communities, and, as always, we operate with fortress principles.”

Read the full release from JPMorgan Chase here.

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