JPMorgan Chase reported revenue of $25.5 billion in its Q2 2017 results with managed revenue of $26.4 billion, up 5 percent from Q1. Mortgage banking net revenue was $1.4 billion, a 26 percent decrease driven by higher rates and resulting in higher funding costs, lower MSR risk management revenue, and lower production margins.
“Mortgage Banking net revenue also included a reduction of approximately $75 million to net interest income, which reflected an adjustment for capitalized interest on modified loans,” the release said.
Bank of America’s Q2 net income increased 10 percent to $5.3 billion, according to the report. Noninterest income decreased slightly, reflecting lower mortgage banking income, partially offset by higher service charges and card income.
"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history,” said Brian Moynihan, CEO of Bank of America. “All of our businesses delivered strong results, with several setting new records.”
What will the results be in this quarter? For JPMorgan Chase, join the conference call Thursday, October 12, 2017, at 8:30 a.m. EST and for Bank of America, join Friday, October 13, 2017, at 6:45 a.m. EST to find out.
Other events in the week ahead:
Bank Reserve Settlement, Wednesday, 2 p.m. EST
FOMC Minutes, Wednesday, 2 p.m. EST
Treasury Budget, Thursday, 2 p.m. EST
Fed Balance Sheet, Thursday, 4:30 p.m. EST
Consumer Price Index, Friday, 8:30 a.m. EST
Consumer Sentiment, Friday, 10 a.m. EST