(Updated - July 16, 2019 6:55 AM EDT)

JPMorgan (NYSE: JPM) reported Q2 EPS of $2.82, $0.32 better than the analyst estimate of $2.50. Revenue for the quarter came in at $28.8 billion versus the consensus estimate of $28.91 billion.

• Reported revenue of $28.8 billion; managed revenue of $29.6 billion
• Average total loans up 2% YoY and down 1% QoQ

Jamie Dimon, Chairman and CEO, commented on the financial results: “We had a strong second quarter and first half of 2019, benefitting from our diversified global business model. We continue to see positive momentum with the U.S. consumer – healthy confidence levels, solid job creation and rising wages – which are reflected in our Consumer & Community Banking results. Double-digit growth in credit card sales and merchant processing volumes reflected healthy consumer spending and drove 8% growth in credit card loans, while mortgage and auto originations showed solid improvement, and we continued to attract new deposits, up 3%. Client investment assets were up 16%, driven by both physical and digital channels, including You Invest.”

Dimon added: “In the Corporate & Investment Bank, Markets performance was relatively steady on slightly lower client volume, probably due to slightly higher global macroeconomic and geopolitical uncertainties. Treasury Services and Securities Services demonstrated good organic growth despite headwinds from rates. Although the global wallet was down, year-to-date the Firm ranked #1 in Global IB fees and gained share across products and regions, with particular strength from Commercial Banking, where gross IB revenue was up 8% for the first half of the year. And in Asset & Wealth Management, AUM and client assets grew 7%, both due to higher asset values and net inflows into long-term and liquidity products.”

Dimon concluded: “We were pleased to announce a meaningful increase to our dividend and repurchases. While we always prefer to invest capital back into the business, our capital plan provides us with the capacity and flexibility to return excess capital to our shareholders. We have opened new branches, announced strategic acquisitions like InstaMed, and invested in digital products to deepen our engagement with our customers, who have now opened over 2 million accounts digitally and activated over 60 million Chase Offers. We also continued our investments in local communities – for example, we expanded our long-term commitment to Detroit from $150 million to $200 million as we continue to learn how to drive inclusive growth in the communities around the world that need the most support.”

Outlook (from slides)

• Expect FY2019 net Interest Income to be $57.5B+/-, market dependent
• Expect FY2019 adjusted expense of <$66B
• Expect FY2019 net charge-offs of about $5.5 billion

For earnings history and earnings-related data on JPMorgan (JPM) click here.