JPMorgan Chase & Co. (JPM) reported its latest financial results for Q2 before the opening bell on Wall Street on Thursday.
World’s largest bank reported revenue of $30.715 billion, falling short of analyst estimate of $31.806 billion.
Earnings per share reported at $2.76 per share vs. $2.89 per share expected.
CEO of JPMorgan, Jamie Dimon commented on the latest results: ”JPMorgan Chase performed well in the second quarter as we earned $8.6 billion in net income on revenue of $30.7 billion and an ROTCE of 17%, with growth across the lines of business, while maintaining credit discipline and a fortress balance sheet.”
”In our global economy, we are dealing with two conflicting factors, operating on different timetables. The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy. But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road. We are prepared for whatever happens and will continue to serve clients even in the toughest of times.”
”As a result of the recent stress tests and the already scheduled GSIB increase, we will build capital and continue to effectively and actively manage our RWA. In order to quickly meet the higher requirements, we have temporarily suspended share buybacks which will allow us maximum flexibility to best serve our customers, clients and community through a broad range of economic environments,” Dimon concluded.
JPMorgan Chase & Co. (JPM) chart
Share price of JPMorgan took a hit after the latest financial results were announced. The stock was down by around 4% following the announcement at $106.67 per share.
Here is how the stock has performed in the past year:
JPMorgan price targets
JPMorgan Chase & Co. is the 20th largest company in the world with a market cap of $314.44 billion.
You can trade JPMorgan Chase & Co. (JMP) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with Encrypt Investment as a Share CFD.
Sources: JPMorgan Chase & Co., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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