July 14, 2011
JPMorgan Chase & Co. (NYSE: JPM) today reported second-quarter 2011 net income of $5.4 billion, compared with net income of $4.8 billion in the second quarter of 2010. Earnings per share were $1.27, compared with $1.09 in the second quarter of 2010.
Jamie Dimon, Chairman and Chief Executive Officer, commented: “Our second-quarter earnings reflected solid performance across most of our businesses. The Investment Bank delivered strong earnings across most products and maintained its #1 ranking in Global Investment Banking Fees. Commercial Banking reported record revenue and continued loan growth for the quarter. Retail Financial Services demonstrated good underlying performance in Retail Banking but continued to experience high losses for mortgage-related issues.”
Asset management’s second quarter results reflected strong momentum. Net income grew 12% from the prior year to $439 million on revenues of $2.5 billion. Assets under management were $1.3 trillion, while assets under supervision were $1.9 trillion, up 16% and 17%, respectively, from the prior year due to higher market levels and net inflows to long-term products.
1 Presented on a managed basis. For notes on managed basis and other non-GAAP measures, see page 13 of the press release.