The bank reported revenue of $25.2 billion, also beating analyst expectations. Investors are closely watching U.S. bank earnings to see if their performance in the second quarter avoided pain from turbulence in the European Union and other factors that have hampered Wall Street banks in 2016.
Shares were more than 2 percent higher in premarket trading Thursday morning. Dow futures were up roughly 150 points heading into the open Thursday morning.
"JPMorgan Chase continued to perform well in all of our major businesses," CEO Jamie Dimon said in a statement that accompanied the announcement. "Outside of energy, both wholesale and consumer credit quality remained very good."
A consensus of 28 analysts who follow the bank had forecast a profit of $1.43 a share, with projections spread in a range from $1.34 a share to $1.54 a share. Analysts also projected revenue of about $24.16 billion for the bank. In the comparable period last year, the bank reported second-quarter earnings of $1.54 per share on revenue of $24.3 billion.
In the first quarter of 2016, JPMorgan beat top- and bottom-line expectations, on revenue of more than $24 billion and earnings per share of $1.35. Get the latest JPMorgan stock quote here.
Earlier this week, JPMorgan 's Dimon joined the ranks of executives enacting higher wages for low-ranking staffers , calling it "a fair opportunity to get ahead." In its Thursday earnings report, the bank also reported a slight increase in headcount, a reversal of recent trends at the bank and elsewhere on Wall Street. The bank also reported a small increase in compensation, a welcome sign for bankers and traders who saw comp cut in the beginning of the year.
In the wake of a turbulent first quarter this year, banks reduced headcount once again to offset the fall in capital markets and trading that hurt their top lines . But, after that, JPMorgan corporate and investment bank CEO Daniel Pinto suggested job cuts on Wall Street were nearing an "end of the cycle of contraction."
JPMorgan stock, like most banks' shares, have struggled in 2016 after first taking a hit from falling commodity prices (and their exposure to loans dependent on commodities) and, more recently, by economists backing off predictions that central bankers in the U.S. and around the world would raise interest rates.
Fund manager BlackRock also reported results Thursday morning, matching earnings expectations .
This is breaking news. JPMorgan executives will discuss results on a conference call on Thursday morning. Please check back for updates.