So we're off to another day of earnings and the big one of the day comes courtesy of J.P. Morgan Chase, which beat earnings expectations from Wall Street analysts on both the top and the bottom lines in its report out earlier this morning.
The banking giant earned 74 cents a share beating the consensus expectation for 64 cents. On revenue the firm notched $27.67 billion, versus the $26.46 billion the street was expecting.
Importantly, a big part of the better-than-expected performance on the bottom line came from J.P. Morgan socking away less cash to cover loans it expects to go bad. Dow Jones reports that J.P. Morgan's managed credit-loss provisions were $7.01 billion, down from $10.06 billion a year earlier and $8.9 billion in the previous quarter.
As we mentioned before, onlookers are hoping that this earnings season brings a bit more clarity to weather the worst is over for the banks, and J.P. Morgan's results are a good sign. Might this mean good things for Citigroup and Bank of America? JPM shares are up more than 3% premarket.
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