Shares of JPMorgan Chase & Co. (NYSE:JPM) soared today after the New York-based bank reported second quarter results that were not as lousy as expected.They were terrible of course. Net income fell 53% to $2 billion, or 54 cents a share, ahead of the 44-cent average estimate of analysts surveyed by Bloomberg News. Net revenue fell 3% to $18.4 billion, beating the $16.6 billion average Bloomberg estimate.
The results, though, underscore how well the company has fared under the leadership of CEO Jamie Dimon.
Here are some highlights:
- Investment banking fees were $1.7 billion, their second highest quarter ever.
- Net income in commercial banking rose 25% to $355 million.
- Net income was a record $425 million in Treasury and Security Services, up 21% from a year earlier.
- Equity underwriting fees rose 6% to $542 million.
- Fix income markets revenue dropped only 4% driven largely by net markdowns of $696 million on leveraged lending funded and unfunded commitments, as well as mortgage-related net markdowns of $405 million.
But unlike many on Wall Street, Dimon can walk the walk and talk the talk.
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