JPMorgan Chase & Co. (NYSE: JPM) reported second-quarter fiscal 2015 results before markets opened Tuesday morning. The investment bank and financial services giant reported adjusted diluted quarterly earnings per share (EPS) of $1.54 on revenue of $24.53 billion. In the same period a year ago, it reported EPS of $1.46 on revenue of $25.38 billion. Second-quarter results also compare to the consensus estimates for EPS of $1.44 on revenue of $24.49 billion.

Quarterly profits rose 5% from $5.91 billion in the second quarter of 2014 to $6.29 billion. The bank’s non-interest expenses declined from $15.43 billion to $14.5 billion, driven by “business simplification,” lower legal expenses and lower mortgage banking expenses.

Quarterly revenues were negatively affected by lower revenues in mortgage banking and corporate and investment banking markets, partially offset by asset management growth. Provision for credit losses rose 35% to $935 million due to lower reserve releases.

By divisions, net income in the consumer and community banking group rose by $37 million to $2.53 billion, commercial banking net income was down 22% at $525 million and asset management group net income fell 21% to $451 million for the quarter.

Corporate and investment banking group net income rose $210 million to $2.34 billion, even though revenues declined 6%.

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The provision for credit losses in the first quarter this year totaled $935 million, compared with $692 million in the year-ago quarter.

CEO Jamie Dimon said:

Our Company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth. … We are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non-operating deposits, and adding to our capital. We are also on target to deliver on our expense commitments. We continue to add value to our customers, clients and communities, and, as always, we operate with fortress principles.

JPMorgan increased its Basel III Tier 1 common ratio to 11% in the first quarter.

The bank did not offer guidance in its press release, but the consensus estimates call for third-quarter EPS of $1.46 on revenues of $24.53 billion. The EPS estimate for the 2015 fiscal year is $5.84 on revenues of $98.34 billion.

Shares traded up about 0.5% in Tuesday’s premarket to $68.45. The current 52-week range is $54.26 to $69.82. Thomson Reuters had a consensus analyst price target of $71.61 before the results were announced.

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