JPMorgan Chase & Co. it made its biggest quarterly profit after releasing $ 2.9 billion in funds it set aside to cover sour loans.
The bank’s profit rose 42% to $ 12.14 billion, or $ 3.79 per share, well above the $ 2.62 per share forecast by FactSet analysts. A year earlier, JPMorgan had reported a quarterly profit of $ 8.52 billion or $ 2.57 per share.
The nation’s largest bank reported revenue of $ 29.22 billion for the quarter, up 3% from a year earlier and exceeded analysts’ expectations of $ 28.67 billion.
For the full year, through an economic spiral and an uneven recovery, JPMorgan recorded record revenue of $ 119.54 billion, up 4% from 2019. The growth was driven by the Wall Street operation, which generated shares and bonds for customers eager to raise capital and trade securities against the background of an insecure economy and record markets.
However, the impact of the coronavirus pandemic on companies and consumers forced the bank to set aside billions of dollars for potential loan losses earlier this year. Year-over-year profit fell 20% to $ 29.13 billion.