JPMorgan Chase & Co (JPM) announced Q2 earnings recently and performed better than the street’s expectations. The bank reported revenue of $33.83 billion versus $30.57 billion expected and EPS (adjusted) of $1.38 versus $1.01 per share expected. Net income plunged by 51%, as the bank set aside $8.9 billion in credit reserves for the quarter in anticipation of possible credit losses due to the continued worsening pandemic scenario.
CEO Jamie Dimon kindly informed all that the firm had generated “highest quarterly revenue ever”, before preserving loan loss reserves. However he added a cloud of economic uncertainty, “Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy. However, we are prepared for all eventualities as our fortress balance sheet allows us to remain a port in the storm,”.
Other Key Figures:
- Revenue from fixed-income increased by 99% to $7.3 billion year-over-year, whereas equity trading revenue increased by 38% to $2.4 billion.
- Banking revenue climbed 46% from a year ago to $5 billion.
- Investment banking revenue rose 91% to $3.4 billion because of higher fees.
- Credit card sales volume dropped 23% from a year ago, and average loans dropped 7%. Average deposits witnessed a 20% increase.
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking. To learn more about JPMorgan Chase & Co. (JPM) and to continue to track its progress please visit the Vista Partners JPMorgan Chase & Co. Coverage Page.
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