JPMorgan Chase Reports 68% Surge in Income to $14. 5 Billion in Second Quarter
According to Chairman and CEO Jamie Dimon, the US economy remains resilient.
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JPMorgan Chase reported a significant increase in both income and revenue during the second quarter of this year, as stated in their financial results statement released on Friday.
The multinational financial services firm, headquartered in the US, recorded a net income of $14. 5 billion in the April-June period, marking a 68% rise from $8. 6 billion in the same period last year.
Additionally, net revenues experienced a notable growth of 34% to reach $41. 3 billion, compared to $30. 7 billion year-on-year.
According to Chairman and CEO Jamie Dimon, although labor markets have experienced a slight softening, job growth continues to be strong. He also observed that consumers are gradually depleting their cash reserves, while core inflation remains persistently high.
In terms of JPMorgan Chase's stock performance, it saw a rise to $152. 58 per share, indicating a daily gain of 2. 6% at 9:45 a. m. EDT on the New York Stock Exchange (NYSE). This increase occurred from the previous day's closing price of $148. 75 per share.
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