Mubasher: JPMorgan Chase on Tuesday said that its net income climbed by 16% year-on-year in the second quarter of this year, helped by an income tax benefit while net revenue rose by 4%, according to the bank’s financial statement.

JPMorgan’s net income came in at $9.65 billion, including  $768 million of firmwide income tax benefits, in Q2-19, compared with $8.31 billion in Q2-18, while diluted earnings per share (EPS) climbed by 23% year-on-year to $2.82.

Net interest income totalled $14.5 billion in Q2-19, rising year-on-year 7%, boosted by balance sheet growth and mix as well as the impact of higher interest rates.

The US lender slashed its forecast for this year’s net interest income by $500 million to $57.5 billion, compared with the targeted $58 billion in the first quarter of this year.

JPMorgan generated $29.56 billion in net revenue during the period between April and June, compared with $28.38 billion in the same period.