By Mucahithan Avcioglu
ISTANBUL (AA) - The net income of JPMorgan Chase, one of the largest banks in the US, fell in the second quarter compared to the same period last year, while earnings for Wells Fargo and Citigroup saw growth.
JP Morgan's net income was down 17% year-on-year to $14.9 billion from $18.2 billion, according to a statement Tuesday by the bank.
Revenues fell 11% to $44.9 billion in the same period from $50.2 billion.
The bank's earnings per share also fell to $5.24 in the second quarter, down from $6.12 in the same period last year.
“The US economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook, however, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices," said CEO Jamie Dimon.
- Wells Fargo's net income up
Wells Fargo's net income rose 12% year-on-year to $5.5 billion in the second quarter, according to financial results released Tuesday.
Revenues reached $20.8 billion in the second quarter, up 0.6% on an annual basis.
Wells Fargo's earnings per share rose to $1.6 in the same period from $1.33 in the second quarter of last year.
- Citigroup's earnings rose 25%
According to a statement from Citigroup, net profit increased 25% year-on-year in the second quarter, to $4.02 billion.
The bank's revenue reached $21.67 billion, up 8% compared to the same period last year.
Citigroup's earnings per share climbed to $1.96, up from $1.52 last year.