JPMorgan Chase posts record Q2 profit of $21.2B
What's the story
JPMorgan Chase has reported a record profit for the second quarter of 2026, driven by strong growth in investment banking and trading revenues. The bank's profit stood at $21.2 billion or $7.70 per share for the three months ending June 30, compared to $14.99 billion or $5.24 per share in the same period last year. This is the highest quarterly profit ever recorded by a US bank.
Revenue surge
Investment banking fees hit highest level since 2021
The bank's investment banking fees reached their highest level since 2021, thanks to a strong rebound in the US IPO market.
This was led by Elon Musk's SpaceX, which made its market debut with the largest listing in history.
JPMorgan was one of the lead underwriters for this landmark transaction.
The bank also retained its top position in global investment banking league tables, generating the highest investment banking revenue in the industry according to Dealogic data.
Market performance
Trading desk benefits from volatile markets
JPMorgan's trading desk also benefited from volatile markets, with revenue rising across all business units.
The bank's markets revenue, which includes trading operations, jumped 35% year-on-year.
This was driven by strong client activity amid heightened market volatility due to geopolitical tensions and wars, persistent inflation, large global fiscal deficits, and elevated asset prices.
Financial growth
Net interest income rises
JPMorgan's net interest income, excluding markets, rose 4% year-on-year to $23.7 billion in the quarter. Average loans also climbed by 10%.
The bank raised its 2026 forecast for interest income to $96.5 billion from $95 billion earlier.
Interest income including markets is expected to rise to $105.5 billion this year, up from an earlier estimate of $103 billion.