J P Morgan Chase & Co (NYSE:JPM) revealed its second quarter earnings results on Tuesday 14th July 2020 before market open.
The leading global financial services firm reported $ 1.38 income per share for the quarter, beat the consensus estimate of $ 1.04 income per share by $ 0.34 or 32.69 percent.
The quarterly earnings dropped 51.06 percent compared with the same quarter last year. The earnings result include $ 8.9 billion of reserve builds Firm wide, as a result of COVID-19.
The firm had revenue of $ 33,817.00 million for the quarter, compared to the consensus estimate of $ 30294.30 million. The revenues topped analysts estimates by $ 3,522.70 million or 11.63 percent.
The financial report showed revenues surged 14.71 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Jamie Dimon, Chairman and CEO, commented: As one of the worlds largest financial institutions, our actions are critical to keep the global economy going – from processing $6 trillion in payments each day worldwide to keeping three-quarters of our nearly 5,000 branches open – and safe – to meet individuals financial needs. During these unprecedented times, JPMorgan Chase remains resilient and steadfast in using all of our resources to support our colleagues, clients and communities across the globe.
