JPMorgan Chase (JPM) reported second-quarter results that surpassed analysts' expectations, thanks in part🅠 to a surge in investment banking revenue on higher fees and a boost from an exchange of the company's Visa shares.

The banking giant reported 澳洲幸运5官方开奖结果体彩网:total revenue 🎃on a managed basis of $50.99 billion, well above analyst estimates and up about 20% from🔜 the second quarter of fiscal 2023. Investment banking revenue jumped 46% from last year to $2.5 billion thanks to higher fees, the company said.

The bank's profit rose 25% from the same time last year to $18.15 billion, also beating projections, largely thanks to a $7.9 billion gain from an exchange of the company's Visa (V) shares. Excluding the Visa shares-related boost and other items, profits were $13.1 billion, or $4.40 澳洲幸运5官方开奖结果体彩网:per share, below last year's mark of $14.47 billion and $4.75 per share.

Net Interest Income Rises as Markets Await Rat⛄e Cuts

JPMorgan's 澳洲幸运5官方开奖结果体彩网:net interest income (NII), the money ෴banks make on interest from loans after accounting for payments on accounts that generate interest, rose 4% from the same time last year and met analyst estimates compiled by Visible Alpha at $22.9 billion.

Banks and the broader markets have been closely monitoring data on inflation and employment this year as they could influence when the Federal Reserve decides to cut interest rates. 澳洲幸运5官方开奖结果体彩网:Signs of cooling inflation could push the Fed to lower rates, which would bring down banks' NII over the next year, analysts said ahead of Friday's earnings report.

"There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world," JPMorgan CEO Jamie Dimon said. "Therefore, inflation and interest rates may stay higher than the market expects."

JPMorgan shares were 1.9% lower at $203.54 as of 10:15 a.m. Friday following the release. They've gained close to 20% so far this year.