JPMorgan Chase & Co. announced on Friday its revenue in the second quarter of the fiscal year 2023 came in at $42.4 billion, beating the estimates of $38.96 billion.
According to the report, net income increased to $14.5 billion, up by 67% or 40% excluding First Republic, compared with the same period a year earlier. At the same time, diluted earnings per share also beat expectations, rising to $4.75 from $2.76. Provision for credit losses rose to $2.9 billion from $1.1 billion in 2Q22.
"We reported another quarter of strong results, generating a net income of $13.3 billion and an ROTCE of 23% after excluding a net after-tax gain of $1.8 billion relating to the First Republic transaction, as well as discretionary after-tax investment securities losses of $0.7 billion," Jamie Dimon, Chairman, and CEO, said while commenting on the results.
JPMorgan shares rose 2.45% following the release of the report during pre-market hours at 7:10 am ET, selling at $152.58.
