JPMorgan Chase, the nation’s largest bank, reported a 31 percent surge in second-quarter earnings on Friday, buoyed by strong gains in the bank’s investment banking business, its credit card operations and in its mortgage lending division, which is benefiting from steady improvements in the nation’s housing markets.
The net earnings of $6.5 billion, or $1.6 a share, handily exceeded Wall Street analysts’ expectations of $5.47 billion, or $1.44 a share on revenue of $24.84 billion. Revenue was $20 billion, compared with $26 billion in the period a year earlier.
“Our earnings reflected strong growth across our businesses,†Jamie Dimon, the bank’s chief executive, said in a statement on Friday.
For JPMorgan, the report marks its fourth consecutive quarter where earnings swelled by double-digits. JPMorgan emerged from the financial crisis in far better shape than many of its rivals, which teetered on the brink of collapse. In a sign of broad economic improvements, JPMorgan’s stock traded above its pre-financial crisis peak of $52.54.
The report on Friday kicked off the bank earnings season. As the nation’s largest bank by assets, JPMorgan is typically looked at as a bellwether for the broader banking industry.
