NEW YORK (AP) – JPMorgan Chase & Co.’s second-quarter profits fell 2 percent from a year ago, as the bank continued to set aside money to cover struggling oil and gas loans. However, the bank’s overall results were solid and beat expectations.
The largest U.S. bank by assets earned $5.67 billion after payments to preferred shareholders. That compares with a profit of $5.78 billion a year earlier.
On a per share basis, the bank earned $1.55, compared with $1.54 a year earlier as the amount of shares outstanding decreased.
Wall Street had anticipated earnings of $1.42 per share, according to FactSet.
Net revenue at the bank totaled $25.21 billion on a managed basis, compared with $24.53 in the same period a year earlier.
JPMorgan’s stock rose 2.5 percent before the stock market opened Thursday.