By Sara Busquets
Investing.com – Investors celebrate the results just presented by JP Morgan (NYSE 🙂 with increases of 4%, and that they have been revealed better than expected in the field of income, which stood at 33.820 million in the second quarter of the year, which represents an increase of 15%.
The bank’s net profit has fallen to $ 4.7 billion, or $ 1.38 per share, from $ 9.65 billion, or $ 2.82 per share, which it reached in the second quarter of 2019. Analyst consensus put it at the EPS at $ 1.15, so the final figure, despite the fall due to the pandemic, has been higher than expected.
The COVID-19 crisis affected its lending business and forced the largest US bank to increase its reserves in the face of possible bankruptcies.
The retail banking business fell 26% in the period, to 5.1 billion, while corporate banking grew 5%, to 2.4 billion. Also assets and wealth, which increased 1% to 3.6 billion. The fixed income business almost doubled, to 7.3 billion, while equities rose 38%, bringing in a profit of $ 2.4 billion.
Jaime Dimon, CEO of the firm, has recognized the uncertainty they face in the future, although he has assured that they have prepared themselves thoroughly for possible new problems. “In the short term, our strength is guaranteed.”
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