JP Morgan reported second-quarter EPS around 40¢ above market expectations on Thursday at $1.09 — although ex-exceptional brought this down to $87.
Flashes, via Reuters:
RTRS-JPMORGANCHASE REPORTS SECOND-QUARTER 2010 NET INCOME OF $4.8BILLION, OR $1.09 PER SHARE, ON REVENUE1 OF $25.6BILLION
RTRS-JPMORGAN CHASE & CO Q2 REVENUE FELL 8 PCT TO $25.6 BLN
RTRS-JPMORGAN CHASE & CO Q2 SHR VIEW $0.67, REV VIEW $25,587.45 MLN — THOMSON REUTERS I/B/E/S
RTRS-JPMORGAN CHASE & CO SAYS TIER 1 COMMON AT $108.2 BILLION, OR 9.6%
RTRS-JPMORGAN CHASE & CO SAYS PROVISION FOR CREDIT LOSSES WAS $3.4 BILLION
RTRS-JPMORGAN CHASE & CO SAYS FIRM’S NONPERFORMING ASSETS TOTALED $18.2 BILLION AT JUNE 30, 2010
While this might help explain the frankly unbelievable EPS:
RTRS-JPMORGAN CHASE & CO SAYS WHOLESALE PROVISION FOR CREDIT LOSSES WAS A BENEFIT OF $572 MILLION
That’s compared with an expense of $871 million in the prior year.