JPMorgan Chase (JPM): Q2 EPS of $1.60 beats by $0.16. Revenue of $25.2B beats by
$0.36B.
More on JPMorgan (JPM) Q2 earnings: Q2 income boosted by $0.24/share by reduced loan loss reserves in real estate and credit card portfolios, and cut $0.09/share by increased litigation reserves. Dimon: Net charge-offs in credit cards near historical lows and in real estate are down more than 50% Y/Y. Consumer & Community Banking revenue off 3% Y/Y, with net interest income off 1% (NIM of 2.31% vs. 2.62% a year ago). Noninterest revenue off 7% Y/Y, though mortgage originations up 12% (but off 7% Q/Q). Basel III Tier 1 common ratio of 9.3%. Book value/share of $52.54. CC at 8:30 ET. Shares +0.5% premarket
Wells Fargo (WFC): Q2 EPS of $0.98 beats by $0.04. Revenue of $21.38B beats by $0.17B
More on Wells Fargo (WFC) Q2 earnings: Net interest margin of 3.46% vs. 3.48% in Q1, 3.91% a year ago. Mortgage originations of $112B, up from $109B in Q1. Application pipeline drops to $63B at Q2 end vs. $74B for Q1. "Gain on sale margins declined as expected." Net charge-offs of $1.2B, off $1B from a year ago and at 0.58% the lowest since Q2 2006. $500M (about $0.09/share) reserve release. Purchased 26.7M shares in Q2 plus an additional 13M shares through a transaction expected to settle in Q3. Tier 1 Basel III common equity ratio of 8.54%. Book value/share of $28.26. CC at 10 ET. Shares +0.2% premarket
More Stocks News More on JPMorgan (JPM) Q2 earnings: Q2 income boosted by $0.24/share by reduced loan loss reserves in real estate and credit card portfolios, and cut $0.09/share by increased litigation reserves. Dimon: Net charge-offs in credit cards near historical lows and in real estate are down more than 50% Y/Y. Consumer & Community Banking revenue off 3% Y/Y, with net interest income off 1% (NIM of 2.31% vs. 2.62% a year ago). Noninterest revenue off 7% Y/Y, though mortgage originations up 12% (but off 7% Q/Q). Basel III Tier 1 common ratio of 9.3%. Book value/share of $52.54. CC at 8:30 ET. Shares +0.5% premarket
Wells Fargo (WFC): Q2 EPS of $0.98 beats by $0.04. Revenue of $21.38B beats by $0.17B
More on Wells Fargo (WFC) Q2 earnings: Net interest margin of 3.46% vs. 3.48% in Q1, 3.91% a year ago. Mortgage originations of $112B, up from $109B in Q1. Application pipeline drops to $63B at Q2 end vs. $74B for Q1. "Gain on sale margins declined as expected." Net charge-offs of $1.2B, off $1B from a year ago and at 0.58% the lowest since Q2 2006. $500M (about $0.09/share) reserve release. Purchased 26.7M shares in Q2 plus an additional 13M shares through a transaction expected to settle in Q3. Tier 1 Basel III common equity ratio of 8.54%. Book value/share of $28.26. CC at 10 ET. Shares +0.2% premarket
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