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7/14, 12:56 PM (Source: TeleTrader)
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JPMorgan's EPS at $1.38 in Q2, beats expectations

JPMorgan Chase & Co announced on Tuesday that its earnings per share (EPS) landed at $1.38 in the second fiscal quarter, falling 51% on an annual basis but topping estimates. Meanwhile, the company's managed revenue amounted to $33.82 billion in the same trimester, growing 15% compared to the same period last year.

The lender's net income came in at $4.69 billion, dropping 51% in the second fiscal trimester compared to the same quarter last year.

"We ended the quarter with massive lossabsorbing capacity - over $34 billion of credit reserves and total liquidity resources of $1.5 trillion, on top of $191 billion of CET1 capital, with significant earnings power that would allow us to absorb even more credit reserves if needed. This is why we can continue to serve all of our stakeholders and to pay our dividend - unless the economic situation deteriorates materially and significantly," JPMorgan CEO Jamie Dimon said in a statement.

The bank's shares gained over 2% in premarket trade following the announcement.

Breaking the News / GA