JPMorgan Chase kicked off bank earnings season Thursday by topping second-quarter estimates with a profit of $1.55 per share, compared to estimates of $1.43 a share, sending shares higher in trading.
The bank also reported better-than-expected revenue of $25.2 billion. Investors are closely watching U.S. bank earnings to see if their performance in the second quarter avoided pain from turbulence in the European Union and other factors that have hampered Wall Street banks this year.
JPMorgan shares rose more than two percent Thursday morning after the market opened. The Dow rise more than 100 points at the open Thursday as well. Get the latest JPMorgan stock quote here.
"JPMorgan Chase continued to perform well in all of our major businesses," CEO Jamie Dimon said in a statement Thursday morning. "Outside of energy, both wholesale and consumer credit quality remained very good."
In his statement, Dimon credited rising consumer deposits, credit card sales and lending for boosting JPMorgan's earnings.
A consensus of 28 analysts who follow the bank had forecast a profit of $1.43 a share, with projections spread in a range from $1.34 to $1.54 a share. Analysts also projected revenue of about $24.16 billion. In the comparable period last year, the bank reported second-quarter earnings of $1.54 per share on revenue of $24.3 billion. In the first quarter of 2016, JPMorgan beat top- and bottom-line expectations with revenue of more than $24 billion and earnings per share of $1.35.