JPMorgan: 'Whale' Loss Winner

Dimon said the company could "can get to 9% Basel III Tier 1 common equity ratio by the end of 2013 and buy back $23 billion, we can get to 9.5% and buy $15 billion. So clearly, we have the ability."

JPMorgan's shares have now returned 11% year-to-date, following a 20% decline in 2011. Based on a 30-cent quarterly payout, the shares have a dividend yield of 3.33%.

JPM data by YCharts

The shares trade for seven times the consensus 2013 EPS estimate of $5.28. The consensus 2012 EPS estimate is $4.19.

Stifel Nicolaus analyst Christopher Mutascio rates JPMorgan a "Hold," and said on Friday that after backing out the one-time items during a quarter with "significant noise," he "could arrive at a core quarterly EPS run-rate in the $1.35 range."

The analyst said that "areas in which the company clearly beat our expectations were: 1) mortgage banking income came in at $2.27 billion versus our estimate of just $1.61 billion, and 2) operating expense were $14.97 billion versus our estimate of $15.55 billion," combining "for a $1 billion beat, or $0.17 per share, relative to our expectations."

Mutascio's areas of concern include "1) the company's net interest income came in at $11.15 billion, which is down from the 1Q12 level of $11.67 billion and lower than our $11.84 billion estimate - with the net interest margin falling to 2.47% from 2.61% in 1Q12, and 2) the company's estimated Basel III tier 1 common capital ratio was 7.9%, down from the originally reported 1Q12 level of 8.4% and the restated 1Q12 level of 8.2%."

Interested in more on JPMorgan Chase? See TheStreet Ratings' report card for this stock.

Wells Fargo (WFC) on Friday morning reported a second-quarter profit of $4.6 billion, or 82 cents a share, beating the consensus estimate by a penny.

Earnings increased from $4.2 billion, or 75 cents a share, in the first quarter, and $3.9 billion, or 70 cents a share, in the second quarter of 2011.

The shares rose over 3% to close at $33.91.