JPMorgan Chase posts $8.3 billion profit thanks to ‘healthy’ US consumers
(CNN Money) — JPMorgan Chase continues to benefit from a US economy that’s still humming along.
The giant bank reported a profit of $8.3 billion for the second quarter Friday, an increase of 18% from a year ago and not far off from JPMorgan’s record quarterly profit of $8.7 billion in the first quarter.
American banks have gotten a boost from this year’s tax cuts.
JPMorgan CEO Jamie Dimon said in a statement that “the healthy US consumer” helped drive big gains in its credit card and money management businesses. Deposits grew at a solid clip as well.
Dimon also said that JPMorgan posted record fees in its global investment banking unit in the first half of the year, thanks to a boom in trading revenue, mergers and IPOs.
“We see good global economic growth, particularly in the US, where consumer and business sentiment is high,” Dimon said.
Wall Street liked the news too. The bank’s profit surpassed analysts’ expectations, and JPMorgan’s stock rose slightly in early trading Friday.
JPMorgan is just one of several big banks to report results Friday. Pittsburgh regional banking giant PNC also posted a profit that topped forecasts. And investors were eagerly awaiting results from Citigroup and scandal-plagued Wells Fargo.