JP Morgan Beats Estimates

JPMorgan Chase & Co. added to the strong showing during “earnings week” by announcing profits for the second-largest US bank rose by 79 percent. Second-quarter net income climbed to $4.8 billion, or $1.09 a share, from $2.72 billion, or 28 cents, in the same period a year earlier and from $3.33 billion in the first quarter.

“It’s great to see credit finally confirmed, that the trend is improving,” Gary Townsend, president of Hill-Townsend Capital LLC in Chevy Chase, Maryland, a hedge fund that specializes in financial firms, said in a Bloomberg Television interview. “The earnings estimates for this company are going up,” said Townsend, who owns JPMorgan shares.

Source: Bloomberg

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