JPMorgan, Nation’s largest bank, records $ 12.1 billion profit margin – disappointing despite pandemic highs

by

Topline

JPMorgan Chase, the nation’s largest-funded bank, began its fourth-quarter earnings season Friday morning with results that slashed Wall Street expectations – and net revenues that were nearly 50% higher than before. it in 2019.

Key facts

New York-based JP Morgan Chase reported revenue of $ 29.2 billion in the fourth quarter, higher than the $ 28.3 billion reported in the same period last year and even better the average analyst forecasts of $ 28.3 billion.

Net revenue, meanwhile, rose to $ 12.1 billion, or $ 3.79 per share, up 42% year-over-year and similarly beating Wall Street’s average earnings demand of $ 2.62 per share.

JPMorgan stock times rose 0.7% within minutes of the announcement; shares closed up 0.6% on Thursday, finally bringing back their panacea losses to hit a new full-time level.

The company surpassed many of the profit margins to secure $ 2.9 billion in releases in the fourth quarter, representing higher optimism over advanced vaccine and incentive developments.

This story is evolving. Please check back for updates.

Quote Cruise

“JPMorgan Chase reported strong results in the fourth quarter of 2020, ending a challenging year where we generated higher revenues,” billions chairman and CEO Jamie Dimon said in a statement released along with employment, before warning of the still fragile economy. state. “Our credit reserves of over $ 30 billion continue to reflect near-term economic uncertainty and will allow us to withstand an economic environment far worse than the usual forecasts of most economists.”

Amazing info

In 2019, JP Morgan posted the largest annual profit in U.S. banking history, breaking $ 36.4 billion. Despite receiving a blow from the pandemic in earlier quarters, the company was still pulling in $ 29.1 billion in revenue last year.

Further reading

Fed chairman Powell warns of ‘sputum’ costs and post-pandemic price spikes but worries about long-term inflation (Forbes)

Dow jumps 100 points and BlackRock, Delta Beat profit expectations among worse jobs data (Forbes)

Markets override Sanders’ role as head of budget committee, stocks flat as investors push for impeachment plans (Forbes)

.Source