JP Morgan beats analysts’ expectations, profits soar

jp morgan

JP Morgan has a strong third quarter, with revenue and profit jumping amid the Corona-uncertainty.

Trading beat analysts’ expectations during the period, with revenues growing from $9.52bn to $11.5bn. Profit soared from $2.83bn to $4.3bn.

Jamie Dimon, Chairman and CEO, commented: “JPMorgan Chase earned $9.4 billion of net income on nearly $30 billion of revenue and we maintained our credit reserves at $34 billion given significant economic uncertainty and a broad range of potential outcomes.

“We further strengthened our capital and liquidity position, increasing CET1 capital to $198 billion (13.0% CET1 ratio, up 60 basis points after paying the dividend) and liquidity sources to $1.3 trillion. The Corporate & Investment Bank continues to be a big driver of Firm performance with Markets revenue up 30% and Global IB fees up 9%.

“CIB and Commercial Banking continue to attract and retain deposits given our strong client franchise as our clients remain liquid. Asset & Wealth Management generated record revenue and net income and saw strong net inflows into long-term products,” added the JP Morgan chief executive in a statement.

Meanwhile, rival Citigroup saw profits falling 34%, however, earnings per share of $1.40 beat analysts’ expectations. Citigroup shares fell over 3% on the news.

 

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Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.