2Q‘26 Earnings: Earnings Beat, NIM to Decline Then Stabilize, Capital Holds Firm Amid Balance Sheet Growth

研报英文原文证据摘录

2Q‘26 Earnings: Earnings Beat, NIM to Decline Then Stabilize, Capital Holds Firm Amid Balance Sheet Growth

Kabir Caprihan, CFA AC North America Credit Research

(1-212) 834-5613 14 July 2026 J P M O R G A N

kabir.x.caprihan@jpmorgan.com

Non-interest income totaled $10.3bn, up 13% YoY and 10% QoQ. The YoY increase came

from growth in investment advisory fees, brokerage commissions, deposit and lending

activities, IB fees, higher net gains from equity securities, and a gain from the acquisition of

the remaining interest in the merchant services joint venture, partially offset by the sale of the

rail car leasing business. Total Consumer Banking & Lending revenues increased 6% YoY

and up 3% QoQ, as CSBB increased 8% YoY driven by higher deposit and loan balances,

wider deposit spreads, higher deposit-related fees, debit card fees, and investment advisory

fees. Total Commercial Banking revenues increased 6% YoY and were stable QoQ. Total

Corporate & Investment Banking revenues increased 16% YoY and up 3% QoQ. Banking

revenues increased 20% YoY on higher investment banking fees driven by ECM and DCM,

as well as higher loan and interest-bearing deposit balances, partially offset by the impact of

lower interest rates and a modest decline in noninterest-bearing deposit balances. Total

Wealth & Investment Management revenues increased 13% YoY and were up a touch QoQ

on higher investment advisory fees reflecting higher market valuations.

Average loans totaled 1.0tn, up 12% YoY and 1% QoQ. The YoY growth reflected an increase

in C&I loans, auto loans, securities-based loans in WIM, and credit card loans, though

partially offset by lower residential mortgage loans. The average loan yield declined in

sympathy with lower interest rates, declining 35bp YoY and 2bp QoQ to 5.6%.