Delaware's JPMorgan edges closer to leave pandemic scar behind, earnings show

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Delaware's JPMorgan edges closer to leave pandemic scar behind, earnings show

JPMorgan Chase & Co., the New York City-headquartered American multinational investment banking and financial services company, had handily beaten an analysts’ estimate for its third-quarter profits, as the largest US lender had logged record revenues at some of its investment banking businesses that enabled it to release fresh liquidities which it had to set aside for potential loan losses during pandemic.

On top of that, JPMorgan’s third-quarter earnings’ report had unmasked that the Delaware incorporated leading US lender’s Q3, 2021 profit had jumped as much as 24 per cent compared to the same time a year earlier, as the New York City lender’s average consumers’ loans, deposits alongside credit card expenses had received a substantial scale of boost, leading to a 2.5 per cent increase in net income compared to a quarter earlier.

Meanwhile, sketching out a cautiously optimistic picture over a US economy which appears to be on the brink of leaving behind a 19-month long pandemic associated scar, travel bans, stay-at-home schoolings alongside business closures, JPMorgan Chase & Co Chief Executive Jamie Dimon said in a conference call with the reporters, “We don’t know the future any better than you do.

What we really want is good growth right now. These are great numbers. By the end of 2022, people are forecasting 4% unemployment, wages are going up, jobs are plentiful. Getting out of COVID, we should all be thanking our lucky stars”.

JPMorgan earnings handily beat analysts’ estimate

According to JPMorgan Chase & Co’s quarterly earnings’ report for Q3, 2021 that ended on September 30, the multinational US lender’s profit soared to $11.7 billion or $3.74 a share compared to a profit of $9.4 billion or $2.92 per share on a year-on-year basis, while JPMorgan’s revenue grew by 2 per cent to $30.4 billion, beating an analysts’ estimate of $29.8 billion.

Followed by the earnings’ report, JPMorgan shares had rounded off the day 2.45 per cent lower to $161.22 apiece after taking a tattering header of more than 2.5 per cent in pre-market trading.