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Mortgage Profit Slide Hurts JPM, Wells' Earnings

Tuesday, July 14, 2015

A decline in mortgage refinancing was blamed in part for the second consecutive decline in quarterly profits posted by Wells Fargo & Co.  The biggest U.S. home lender reported second quarter net income of $5.72 billion compared to $5.73 billion in the second quarter of 2014.  Per share profit increased from $1.01 to $1.03 due to changes in the number of outstanding shares.

JP Morgan Chase, on the other hand, reported an increase of 5.2 percent in its net income which was 6.3 billion in the second quarter compared to 6.0 billion a year earlier.  The net income from its mortgage banking business, $584 million, represented a decrease of 20 percent.  Mortgage revenue dropped 21 percent to $1.8 billion in the quarter due to lower servicing revenue.

 

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