JPMorgan dips despite posting stellar earnings and raising full-year net interest income outlook

America’s biggest bank is slightly lower in premarket trading despite posting stellar Q2 results and raising its full-year net interest income forecast.

JPMorgan reported adjusted diluted earnings per share of $4.96 (compared to the estimated $4.47) on managed revenue of $45.7 billion (est. $44.1 billion), besting every Wall Street analyst’s forecast on both the top and bottom lines. JPMorgan’s dealmaking was a big contributor to these robust numbers: its investment banking division delivered the biggest revenue surprise relative to expectations.

Management boosted its full-year outlook for net interest income to roughly $95.5 billion from about $94.5 billion, while also nudging estimated expenses higher by about $500 million to ~$95.5 billion.

“The US economy remained resilient in the quarter,” Chairman and CEO Jamie Dimon said. “The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist — including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits, and elevated asset prices.”

Year to date, shares of JPMorgan are up 20%, outpacing the 13% advance in the KBW Bank Index.