JP Morgan (JPM) Executives Discuss Brexit Effect on Bank on CNBC

On the bank's conference call, moreover, CFO Marianne Lake said that trading has been "fine" thus far in the third quarter despite fears that the U.K.'s vote to leave the European Union would cause the bank's clients to sit on the sidelines until the uncertainty abated. The company said it had a profit of $1.55 Earnings per Share for the quarter. Trading volumes soared as investors scrambled to react to the vote, helping to boost the bank's fixed-income trading revenue by 35 percent last quarter.

"We saw strong underlying performance with record consumer deposits, credit-card sales volume, merchant processing volume and broad core loan growth" fueled by mortgages and commercial real estate, Chief Executive Officer Jamie Dimon said in the statement.

Overall, JPMorgan's second-quarter net income slipped to US$6.20 billion in the second quarter ended June 30 from US$6.29 billion a year earlier.

Shares of JPMorgan were up 2.3% to $64.54 after about half an hour of trading on Thursday. The delay would extend a post-financial-crisis era of low rates that have forced banks to rely on expense cuts to cope with stagnant revenue.

Investors are keeping an eye on the earnings of US banks to see if the companies were impacted by the instability in the European Union and Britain following the Brexit. On a per share basis, the bank earned $1.55 a share, compared with $1.54 a share a year earlier as the amount of shares outstanding decreased.

Lake said that while the oil and gas sector "remains stressed", the situation has improved thanks to stabilizing prices. Revenues totaled $25.21 billion, up from $24.53 billion a year ago and estimates for $23.84 billion on increased fixed-income trading revenue and loans. The ensuing market tumult has driven interest rates to historically low levels.

Net revenues from Consumer & community banking or CCB segment grew 4 percent to $11.5 billion, and Corporate & investment bank or CIB rose 5 percent to $9.2 billion. "I'm still expecting earnings to be down year over year".

Earnings for other big banks are expected to continue tomorrow as Citigroup Inc. and Wells Fargo are revealing their financial results tomorrow.

Investment banking fees fell 10% to $1.64 billion due to a 37% drop in equity-underwriting revenue.

Noninterest expense declined 6 percent year-over-year to $13.6 billion, reflecting lower legal expense and continued expense reduction initiatives.

In a different news, on April 14, 2016, Marianne Lake (Chief Financial Officer) sold 13,684 shares at $62.41 per share price.

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