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<img class = "alignright wp-image-150539 size-medium" src = "https://dsnews.com/wp-content/uploads/2017/04/graphs-and-money1-300×198-300×198-1 -300×198-300×198-2-300×198-300×198.jpg "alt =" JPMorgan Chase & Co. and Wells Fargo & Company released their second quarter results on Friday, with largely positive results at JPMorgan Chase and less positive news from Wells Fargo.
JPMorgan Chase has reported $ 8.3 billion in net income, up from $ 7.0 billion a year ago, but down from $ 8.7 billion in the first quarter of this year. The bank 's net revenues reached $ 28.4 billion, up 6% year-over-year, with net interest income of $ 13.6 billion, up 9% from the previous year. %, and $ 14.7 billion up 4% According to the report of the bank, the volume of mortgages amounted to $ 23.7 billion in the second quarter compared with $ 20.0 billion in the first quarter and $ 26.2 billion in the first quarter. In a statement, JPMorgan Chase CEO Jamie Dimon said, "The healthy American consumer has generated double-digit growth in customer investment assets, card sales and processing volumes. transactions.
However, the bank's chief financial officer, Marianne Lake, said, when publishing the results, that there was more competition in the real estate and commercial mortgage markets [19659004]. Wells Fargo posted earnings of $ 5.2 billion in the second quarter, down from $ 5.9 billion a year ago and up slightly from $ 5.1 billion in the first quarter of 2009. the year. Revenues were reported at $ 21.6 billion, up from $ 22.2 billion a year ago. Wells Fargo net interest income was $ 12.5 billion, up 1%; Wells Fargo recorded declines in auto loans, its senior mortgage portfolio, and revolving credits and installments.
Overall, Wells Fargo recorded a $ 3.0 billion decline in loans. the loan segment, with declines in lower auto loans, traditional consumer real estate and commercial real estate loans. The decline in commercial and industrial loans was offset by the decline in commercial real estate loans
Consumer credit declined by $ 2.8 billion, as growth in non-mortgage loans and credit card loans were more than offset Wells Fargo reported:
Mortgages of 1 to 4 families were a good point for the bank with an increase of $ 343 million. The bank also reported $ 1.3 billion in PCI mortgage sales, Pick-a-Pay.
While CEO Tim Sloan said the bank "continued to turn Wells Fargo into a better and stronger company" in the second quarter, Octavio Marenzi, CEO of Opimas, a management consulting firm, said: financial markets, reported CNBC: "Widespread weakness in Wells Fargo's results is troubling, with many indicators such as deposits, commercial and consumer loans. He pointed out that previous scandals, such as the revelation two years ago that retail bank employees were creating false accounts under the names of customers, "are wreaking havoc."
"Compared to the excellent results of JPMorgan earlier today, Wells Fargo looks rather unlucky, unable to do things properly," he continued
Wells Fargo's actions have landed 1.2 percent down after Friday's earnings window
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