JPMorgan reports Q2 provision for credit losses of $1.2B
Q2 net revenue was $26.4B, up 5%. Net interest income was $12.5B, up 8%, primarily driven by the net impact of rising rates and loan growth, partially offset by declines in Markets net interest income. Noninterest revenue was $13.9B, up 2%, driven by a benefit related to a legal settlement in Corporate, higher Banking revenue in the Corporate & Investment Bank, higher auto lease revenue, and higher revenue in Asset & Wealth Management. These increases were predominantly offset by higher Card new account origination costs, lower Mortgage Banking revenue and lower Markets revenue in the CIB. The provision for credit losses was $1.2B, down from $1.4B in the prior-year quarter. This quarter included net reserve releases in the Wholesale portfolio of $241M driven by Energy, offset by a net reserve build in the Consumer portfolio of $252M driven by Card.