JPMorgan Chase & Co. (NYSE: JPM) stock rises post decent earnings

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JPMorgan Chase & Co. (NYSE: JPM) stock rose over 1.1% on 14th July, 2020 (as of 10:47 am GMT-4; Source: Google finance). The group’s Net revenue rose 15% yoy to $33.8 billion, during the second quarter of 2020. The Net interest income fell 4% yoy to $14.0 billion, hurt by lower rates despite rise in net interest income in CIB Markets and balance sheet growth. Noninterest revenue rose 33% yoy to $19.9 billion, during the quarter on the back of better CIB Markets revenue and Investment Banking fees. The firm’s Book value per share rose 4% to $76.91, while tangible book value per share surged 4% to $61.76. The firm’s Average loans rose 4% while average deposits increased 25%. Average deposits rose 20% while client investment assets increased 9%. The firm’s Assets under management (AUM) surged 15% yoy to $2.5 trillion.

The group’s Banking revenue enhanced 46% yoy to $5.0 billion during the quarter while Investment Banking revenue rose 91% yoy to $3.4 billion, boosted by solid Investment Banking fees, which rose 54%, on the back of better fees across products, as well as $659 million of markups on held-for-sale positions in the bridge book . Lending revenue rose 4% yoy to $270 million, driven by better net interest income on higher loan balances, as well as higher fees, offset by mark-to-market losses on hedges of accrual loans. Markets & Securities Services revenue rose 77% yoy to $11.3 billion. Markets revenue rose 79% yoy to $9.7 billion. Fixed Income Markets revenue surged 99% yoy to $7.3 billion, or rising 120% excluding the gain from the initial public offering (IPO) of a strategic investment in Tradeweb in the prior year, driven by strong performance across products, particularly in Rates, Currencies & Emerging Markets and Credit. Equity Markets revenue rose 385 yoy to $2.4 billion, boosted by solid client activity in derivatives and Cash Equities.

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