JPMorgan Earnings: Revenue Outlook Increased Again As Higher Rates Boost Net Interest Income

Wide-moat-rated JPMorgan reported second-quarter earnings per share of $4.75, beating both the FactSet consensus of $3.97 and our own estimate of $3.95. The beat was primarily attributable to stronger net interest income, or NII, better trading results, and lower-than-expected First Republic acquisition expenses. The bank enters the second half of 2023 in a strong position. Its adjusted return of tangible common equity of 23% reinforces our wide moat rating and the fact that the bank's fundamentals are some of the strongest under our coverage.