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JPMorgan Shares Rise After Earnings Beat Analyst Expectations

JPMorgan Chase, the biggest U.S. bank by assets, reported a 1.4 percent fall in quarterly profit as its businesses continued to deal with razor-thin margins amid universally low interest rates.

The bank's net income fell to $6.20 billion in the second quarter ended June 30, from $6.29 billion a year earlier, but earnings per share rose to $1.55 from $1.54.

A man walks into the JP Morgan headquarters at Canary Wharf in London
A man walks into the JP Morgan headquarters at Canary Wharf in London May 11, 2012. REUTERS/Dylan Martinez/File Photo

Analysts on average had expected earnings of $1.43 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

JPMorgan is the first U.S. bank to announce results for the quarter, as well as the first to report since Britain voted on June 23 to leave the European Union.

The vote threw into doubt the likelihood of a U.S. interest rate hike anytime soon, meaning that lending margins will remain under pressure. It also called into question how much money and time U.S. banks will have to spend to move from London their operations serving European customers.

Wells Fargo & Co and Citigroup Inc, the third and fourth-biggest U.S. banks, report on Friday.