JPMorgan Chase & Co. posted its highest-ever quarterly profit after releasing $ 2.9 billion in resources it set aside to cover soured loans.
The bank’s earnings were up 42% to $ 12.14 billion, or $ 3.79 a share, well above the $ 2.62 a share predicted by analysts polled by FactSet. A year earlier, JPMorgan reported quarterly earnings of $ 8.52 billion, or $ 2.57 per share.
The country’s largest bank reported revenue of $ 29.22 billion for the quarter, 3% more than a year earlier, and exceeded analyst expectations for $ 28.67 billion.
For the year, JPMorgan posted record sales of $ 119.54 billion, up 4% from 2019, driven by an economic spiral and uneven recovery. Growth was driven by the Wall Street operation, which delivered stocks and bonds for the year. customers who were eager to raise capital. and securities trading amid an uncertain economy and record high markets.
Still, the impact of the coronavirus pandemic on businesses and consumers forced the bank to set aside billions of dollars for potential credit losses earlier this year. Full year earnings fell 20% to $ 29.13 billion.