JPMorgan’s Earnings Beat Estimates in Q2 as Investment Banking Revenue Surges [Video]

JPMorgan Chase (JPM) reported second-quarter results that surpassed analysts’ expectations, thanks in part to a surge in investment banking revenue on higher fees and a boost from an exchange of the company’s Visa shares.

The banking giant reported total revenue on a managed basis of $50.99 billion, well above analyst estimates and up about 20% from the second quarter of fiscal 2023. Investment banking revenue jumped 46% from last year to $2.5 billion thanks to higher fees, the company said.

The bank’s profit rose 25% from the same time last year to $18.15 billion, also beating projections, largely thanks to a $7.9 billion gain from an exchange of the company’s Visa (V) shares. Excluding the Visa shares-related boost and other items, profits were $13.1 billion, or $4.40 per share, below last year’s mark of $14.47 billion and $4.75 per share.

JPMorgan’s net interest income (NII), the money banks make on interest from …