JP Morgan Chase quarterly results beat forecasts

JP Morgan Chase saw profits slip over the latest three-month reporting period, despite a small increase in revenues.

The bank's net income dipped by 1% year-on-year to reach $6.2bn, although its earnings per share edged up by 1% to $1.55.

Managed revenues on the other hand grew by 3% to $25.12bn.

Analysts had estimated second quarter EPS of $1.42 against $1.54 one year ago.

Non interest expenses shrank by 5.9% to $13.64bn, as legal expenses declied and thanks to continued expense reductions, the lender said in a statement.

However, provisions for credit losses jumped by 49.9% to $1.402bn, as JP Morgan topped up its reserves for provisions instead of lowering them as it did in the previous year and as a result of higher net charge-offs.

The best performing division was its corporate and investment bank unit, where net income grew by 6% to reach $2.49bn, while net revenues rose by 5% to $9.17bn.

As of 12:10 BST shares in JP Morgan were being quoted to start trading 1.81% higher from Wednesday's close to $64.30.