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JPMorgan's earnings beat forecasts, but rate cuts cut into its outlook

JPMorgan's second-quarter earnings were better than expected, but the company slightly downgraded its outlook on the Federal Reserve's...

Posted: Jul 16, 2019 10:00 AM

JPMorgan's second-quarter earnings were better than expected, but the company slightly downgraded its outlook on the Federal Reserve's expected interest rate cuts.

JPMorga highlighted strength in its consumer and community banking business.

However, the bank also cut its expected 2019 net interest income — the gap between what banks make on loans and what they pay on deposits — blaming the downgrade on the anticipated interest rate cuts by the Federal Reserve. The exact expected net interest income depends on the number of cuts, the bank said, because that will affect rates on financial products like loans and mortgages.

On an earnings call, CFO Jennifer Piepszak said JPMorgan expects up to three central bank rate cuts this year. If the Fed cuts only once, net income for the year should be more than $57.5 billion, Piepszak said. But with any more cuts, JPMorgan expects net interest income to come in below that threshold,

The bank reported earnings per share of $2.82, beating the previous quarter as well as last year's performance during the same period. Analysts had expected $2.50 earnings per share.

Revenue rose 4% to $29.6 billion, which the bank attributed to balance sheet mix — namely higher total loans and average deposits — and the impact of higher interest rates.

Shares slipped 1.9% in premarket trading.

New York

Cases: 620199

Reported Deaths: 34443
CountyCasesDeaths
Queens878187349
Kings866287495
Bronx623785027
Nassau585672248
Suffolk585622045
Westchester484411510
New York437473224
Erie23071779
Richmond219511122
Rockland21111692
Orange16405517
Monroe13817313
Onondaga10024222
Dutchess6930186
Albany5426148
Broome5143138
Oneida4515147
Niagara3445105
Ulster318098
Chemung287234
Putnam261564
Schenectady228356
Sullivan213748
Saratoga208919
Steuben167887
Rensselaer162551
Chautauqua148016
Oswego14056
Ontario120237
Tioga108048
Wayne105212
Tompkins10000
Cattaraugus99726
Columbia98856
Cortland9572
Allegany93052
Genesee8909
Madison87818
Cayuga7948
St. Lawrence7439
Greene66118
Livingston6559
Herkimer63112
Chenango60510
Orleans59856
Otsego5878
Warren56935
Wyoming4995
Jefferson4873
Fulton47828
Montgomery46016
Clinton4435
Washington43914
Lewis3379
Delaware3369
Schuyler2893
Essex27514
Seneca2695
Franklin2557
Yates2477
Schoharie1832
Hamilton421
Out of NY0120
Unassigned024

California Coronavirus Cases

Data is updated nightly.

Cases: 1171802

Reported Deaths: 19025
CountyCasesDeaths
Los Angeles3832757580
San Bernardino884691129
Riverside850771434
San Diego75307988
Orange731521559
Kern39990448
Fresno37349477
Sacramento35739566
Santa Clara32454476
Alameda28378502
San Joaquin25675502
Contra Costa23381260
Stanislaus21145422
Tulare20550308
Ventura18914175
Imperial15725356
San Francisco15053160
Monterey14695116
San Mateo13707170
Sonoma11846157
Merced11537179
Santa Barbara11205135
Kings1044087
Solano1003681
Marin7628129
Placer622468
Madera604785
San Luis Obispo595635
Shasta460147
Yolo456174
Santa Cruz420228
Butte385359
Sutter314415
Napa294517
El Dorado21544
Yuba198110
San Benito181316
Lassen17733
Tehama158725
Mendocino148522
Nevada11839
Tuolumne9088
Glenn8918
Lake88619
Humboldt8199
Colusa6946
Siskiyou6242
Mono5243
Amador48416
Calaveras47522
Del Norte3131
Inyo29016
Plumas2050
Trinity1390
Mariposa1262
Modoc1220
Alpine470
Sierra190
Unassigned00

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 68503

Reported Deaths: 867
CountyCasesDeaths
Multnomah15561230
Washington940198
Marion8650135
Clackamas568777
Umatilla421248
Lane405040
Jackson357925
Malheur234942
Deschutes207414
Yamhill161516
Linn131019
Polk114015
Douglas88217
Jefferson79811
Union7463
Klamath7454
Benton7447
Morrow6357
Lincoln60014
Wasco49719
Josephine4824
Columbia4573
Coos4061
Hood River3751
Clatsop3450
Baker2703
Crook2086
Grant1301
Curry1202
Tillamook1150
Lake1131
Harney901
Wallowa703
Sherman230
Gilliam210
Wheeler30
Unassigned00