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JPMorgan Chase & Co. (NYSE: JPM) today reported net income of $6.5 billion for the second quarter of 2013, compared with net income of $5.0 billion in the second quarter of 2012. Earnings per share were $1.60, compared with $1.21 in the second quarter of 2012. Revenue1 for the quarter was $26.0 billion, compared with $22.9 billion in the prior year. The Firm's return on tangible common equity1 for the second quarter of 2013 was 17%, compared with 15% in the prior year.
Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: “Our earnings reflected strong performance across our businesses. We maintained our #1 ranking in global Investment Banking fees. Consumer deposits were up 10% compared with the prior year and Credit Card sales volumes were a record $105.2 billion, up 10%. And notably, Asset Management had $25 billion of net long-term client flows, the seventeenth consecutive quarter of positive net long-term client flows. Net charge-offs remain near historical lows in our Credit Card business, have dropped to less than half of what they were a year ago for our Real Estate Portfolios and remained very low in our wholesale portfolios. In light of these trends, we reduced the allowance for loan losses in Consumer & Community Banking in the second quarter by a total of $1.5 billion. Loan growth across the industry continued to be soft, reflecting a cautious stance by consumers, many small businesses and corporations. However, we continue to see broad-based signs that the U.S. economy is improving and we are hopeful that, as jobs are added and confidence builds, the U.S. economy will strengthen over time.”
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