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Chase and Wells Fargo Earnings Statements Indicate Strong Q2 Results

first_img Both JPMorgan Chase and Wells Fargo posted strong financial results in the second quarter, with Chase experiencing a 5 percent jump in net income, according to earnings statements released by both banks on Tuesday.Chase’s Q2 net income of $6.29 billion represented an increase of 5 percent from the same quarter a year ago, while the New York-based bank’s period-end balance sheet was down $123 billion in the second quarter. The firm’s core loans were up 12 percent year-over-year in Q2, while the loan-to-deposit ratio of 61 percent in Q2 was a jump of 5 percent from the previous quarter. Consumer and business banking average deposits were up by 9 percent.The net revenue for Chase in Q2, $24.5 billion, was down by 3 percent year-over-year, largely due to a drop in mortgage banking revenue and lower CIB Markets revenue related to business simplification. Chase’s mortgage banking net income declined by 20 percent in Q2, down to $584 million. The substantial decline in mortgage banking was partially offset by asset management growth, according to Chase.”Our company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth,” said Jaime Dimon, Chairman and CEO of Chase. “This quarter was another example of the power of our platform and risk discipline, and of being there for our clients – as we always are – in good time sand in volatile markets.”Wells Fargo’s net income of $5.7 billion for Q2 was virtually unchanged from the same quarter a year ago, while net revenue ticked upward by 1 percent up to $21.3 billion. The San Francisco-based bank saw average loans increase by 5 percent year-over-year in Q2, up to $870.4 billion. Average deposits climbed by 8 percent year-over-year, up to $1.2 trillion. Credit quality also improved as net charge-offs declined by $67 million year-over-year in Q2 down to $650 million, according to the bank’s statement.”Wells Fargo’s second quarter results reflected continued strength in the fundamental drivers of long term growth,” said John Stumpf, Chairman and CEO of Wells Fargo. “Compared with a year ago, we grew loans, deposits and capital, and our balance sheet remained strong. Credit results also improved and we continued to adhere to our disciplined approach to risk management. As the economic and interest rate environments evolved, our diversified business model continued to generate strong results for shareholders, and we were pleased to increase our common stock dividend 7 percent in the second quarter, to $0.375 per share. Wells Fargo is well positioned for the future and I remain confident in the ability of our 266,000 team members to help our customers succeed financially and to serve our communities.” July 14, 2015 459 Views in Daily Dose, Featured, News Chase Earning Statement Net Income Second Quarter Wells Fargo 2015-07-14 Seth Welborncenter_img Chase and Wells Fargo Earnings Statements Indicate Strong Q2 Results Sharelast_img read more

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