US banking giants post sharp profit gains in second quarter

Major US banks reported strong second-quarter results Tuesday, with profits rising sharply at JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo and Citigroup.

JPMorgan Chase’s net income climbed 41% year over year to $21.2 billion, while revenue increased 28% to $57.3 billion.

Earnings per share rose to $7.70 from $5.24 in the same quarter last year.

JPMorgan Chase CEO Jamie Dimon said the bank delivered strong results, with record revenue across every business line.

Dimon said the US economy had shown “notable resilience” this year, supported by stronger business investment, employment, artificial intelligence-related capital spending, fiscal stimulus and more efficient regulation.

He warned, however, that geopolitical tensions, wars, persistent inflation, large global fiscal deficits and elevated asset prices continue to pose significant risks.

Bank of America’s net income increased 27% from a year earlier to $9.1 billion, as revenue rose 15% to $31.6 billion. Earnings per share increased to $1.21 from 90 cents.

Goldman Sachs recorded the strongest profit growth among the five banks, with net income surging 78% to $6.6 billion.

Its revenue increased 39% to $20.3 billion, while earnings per share nearly doubled to $20.98 from $10.91.

Wells Fargo’s net income rose about 17% to $6.4 billion, as revenue increased roughly 9% to $22.6 billion. Earnings per share climbed to $2 from $1.60.

Citigroup reported a 45% increase in net income to $5.8 billion, while revenue rose 14% to $24.8 billion. Its earnings per share increased to $3.15 from $1.96.