10:19 AM EDT, 07/12/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) on Friday reported better-than-expected second-quarter results, boosted by a surge in investment banking revenue and an accounting gain related to an exchange of shares in credit card giant Visa (V).

Per-share earnings advanced to $6.12 from $4.75 a year earlier, topping the consensus on Capital IQ for $5.09. The results included a $7.9 billion net gain related to Visa shares, partially offset by $546 million of securities losses. Excluding these items, along with a $1 billion donation of Visa shares to pre-fund contributions to the lender's foundation, JPMorgan's ( JPM ) earnings came in at $4.40 a share.

JPMorgan ( JPM ) said in May that Visa had accepted the lender's tender of 37.2 million class B-1 common shares in exchange for class B-2 and class C shares.

Consolidated revenue climbed 22% to $50.2 billion, above the Street's $45.66 billion view. Net interest income increased 4% to $22.86 billion on a managed basis. Noninterest revenue surged 41% to $27.45 billion on a reported basis and 37% on a managed basis to $28.13 billion.

Consumer and community banking revenue rose 3% to $17.7 billion, despite a 5% decrease in banking and wealth management revenue to $10.38 billion. The commercial and investment banking segment gained 9% to $17.92 billion, led by a 46% surge in investment banking.

Corporate revenue soared 172% to $10.12 billion, while asset and wealth management sales moved up 6% to $5.25 billion. Assets under management rose 15% to $3.7 trillion, boosted by continued net inflows and higher market levels.

JPMorgan's ( JPM ) provision for credit losses rose to $3.05 billion from $2.9 billion in the prior-year quarter, including net charge-offs of $2.2 billion and a net reserve build of $821 million.

Chief Executive Jamie Dimon said in a statement that inflation and interest rates may stay higher than expected. "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," he said.

The Bureau of Labor Statistics reported on Thursday that the consumer price index fell in June after being unchanged in May. Annually, inflation slowed to 3% last month from the prior month's 3.3%, cooling more than market's expectations.

"While market valuations and credit spreads seem to reflect a rather benign economic outlook, we continue to be vigilant about potential tail risks," Dimon said. "We maintain a fortress balance sheet and prepare the firm for a wide range of potential environments."

JPMorgan ( JPM ) affirmed its full-year guidance for net interest income of $91 billion and adjusted expenses of $92 billion.

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