JPMorgan beats profit estimates in Q3
The bank reported net income of roughly $9.4 billion, or $2.92 diluted earnings per share
Stocks impacted: JPMorgan Chase & Co. (JPM)
JPMorgan Chase announced a surprise rise in quarterly profits and said it has set aside just $611 million to protect against loan losses in the third quarter after setting aside close to $19 billion for that purpose in the first two quarters of the year. America's largest bank reported net income of roughly $9.4 billion, or $2.92 diluted earnings per share, up 4% year over year and doubling second-quarter profits. Revenue fell to $29.941 billion from $30.014 billion. Total markets revenue rose 30% to $6.6 billion, as fixed income markets revenue rose 29% and equity markets revenue rose 32%. At the same time, JPMorgan Chief executive Jamie Dimon cautioned that the economic recovery remains fragile and said more government aid is needed to prevent the country from falling deeper into a recession. Of note, the bank’s current reserves are based on stimulus running out at the end of 2020. JPMorgan stocks finished 1.62% lower on Tuesday.
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