) reported a better-than-expected quarterly profit on Tuesday as higher interest income and buoyant consumer lending offset lower activity at its trading desks.
Citigroup similarly reported a decline in net interest margin on Monday, which sent bank stocks lower. The earnings beat was driven by JPMorgan’s consumer bank, Chase, which reported credit card loans were up 2%, credit costs were flat and overall income was up 22%.“We continue to see positive momentum with the U.S. consumer – healthy confidence levels, solid job creation and rising wages – which are reflected in our Consumer & Community Banking results,” he said in a statement.
Investors, however, worry that if the U.S. Federal Reserve cuts interest rates in July, it could pressure margins at banks, which have benefited recently from higher rates.
Hey, wasn't JP Morgan already recently in the news? Why yes they were... I wonder how this drove their profitability....
You mean Mr. Genius Jamie didn’t break all JP Morgan rules/regulations/ policies and gamble away over $1,000,000,000 of other people’s money on a greedy bet that failed again? I’m impressed.
I think Trump is manipulating the stock market.
sell
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