By Ovunc Kutlu
NEW YORK (AA) – JPMorgan Chase and Wells Fargo saw their second quarter earnings rise, according to the banks’ financial results on Friday.
Net income jumped 12.9 percent to $7 billion at JPMorgan Chase, from $6.2 billion in the same quarter a year ago.
The company’s Chief Financial Officer Marianne Lake said in a call with analysts net interest income for the full year would increase $4 billion, rather than the $4.5 billion estimate given in April. It is the result of mortgage adjustments and a change in the alignment of interest rates, Lake said.
Revenue also increased 4.8 percent to $26.4 billion in the April-June period, from $25.2 billion the same period last year.
Wells Fargo’s net income rose 4.5 percent to $5.81 billion, from $5.56 billion. That did little to cover the financial challenges of the bank that failed to meet market expectations in its quarterly results and saw its shares decline Friday on the stock market.
“Operating at this level is just not acceptable,” Chief Executive Officer Tim Sloan said in a conference call with analysts.
Revenues remained unchanged at $22.2 billion year-over year.
JPMorgan Chase closed the day at $92.25 on a 0.9 percent loss, while Wells Fargo ended trading at $54.99 — a 1.1 percent decline.
