JP Morgan has won a strong quarter in the third quarter, with revenues and profits rising amid the COVID-19 flight.
Trading beat analyst expectations over the period, with revenues rising from $9.52 billion to $11.5 billion. Profits of between $2.83 billion and $4.3 billion.
Chairman and CEO Jamie Dimon said: “JPMorgan Chase has earned a net profit of $9.4 billion with nearly $30 billion in revenue, maintaining its $34 billion in credit reserves, taking into account economic uncertainty and a wide range of potential consequences.
“We further strengthened our capital and liquidity position, increasing CET1 capital to $180 billion (13.0% over CET1, 60 basis points after paying dividends) and liquidity sources to $1.3 trillion. Corporate & Investment Bank continues to increase market revenue by 30%, and increase global IB fees by 9%, maintaining a major driving force for corporate performance.
“CIB and Commercial Banking continue to maintain our client franchises, attract and maintain deposits. Asset & Wealth Management has generated record revenue and net profits and saw a strong net inflow into long-term products,” the CEO of JP Morgan added in a statement.
Meanwhile, rival Citigroup, earnings per share of $1.40 beat analysts’ expectations, despite a 34% drop in profits. Citigroup stocks fell by more than 3% on news.
