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JPMorgan card income down 16% YOY, total loans up 10%

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JPMorgan card income down 16% YOY, total loans up 10%

on July14 reported second-quarter net income applicable to common stockholders of$5.67 billion, or $1.55 per share. In the second quarter of 2015, it was $5.78billion, or $1.54 per share.

TheS&P Global consensus normalized EPS estimate for the recent quarter was$1.43.

Bysegment, net income was 5% up year over year to $2.66 billion in consumer andcommunity banking and 33% up to $696 million over the same period forcommercial banking. For the corporate and investment bank, it grew by 6% to$2.49 billion year over year — and by 26% from the linked quarter. For assetmanagement, it was a 16% increase to $521 million — but an 11% decreasesequentially.

Mostrevenue sources saw decreases from a year ago. Investment banking fees were 10%lower, securities gains down by 52%, card income down by 16%.

Totalloans grew year over year by 10% to $872.80 billion, with a 14% increase inconsumer excluding credit card loans and a 10% improvement in wholesale loans.Loans amounted to 66% of deposits. The provision for credit losses totaled$1.40 billion, compared to $1.82 billion in the previous quarter and $935million in the year-ago quarter. The provision for loan losses was at $1.46billion, from $1.60 billion in the first quarter and $908 million in the secondquarter of 2015. Net charge-offs increased to $1.18 billion, from $1.11 billionin the prior quarter and $1.01 billion a year ago.

Totalnonperforming assets amounted to $7.76 billion, down sequentially from $8.02billion. CEO Jamie Dimon noted wholesale and consumer credit quality were"very good," outside of energy.

Netyield on interest-earning assets was 2.25%, from 2.30% in the first quarter and2.09% a year ago.