JPMorgan Chase kicks off the bank earnings season

JPMorgan Chase kicks off the bank earnings season

JPMorgan Chase is the first bank to report Q3 2021 earnings

The multinational investment bank and financial services holding reported earnings per share of $3.74 on revenues of $30.44 billion. Both figures came ahead of the $3 earnings per share and $29.8 billion in revenues estimated. The numbers were mostly driven by booming fees in the bank’s investment, asset, and wealth management divisions.

However, its trading segment continued to report a slowdown in activity and didn’t hit the highs of the previous quarters.

JPMorgan Chase’s Q3 results exceeded expectations on a $1.5 billion boost from better-than-expected loan losses. CEO Jamie Dimon stated: “the bank delivered strong results as the economy continues to show good growth - despite the dampening effect of the Delta variant and supply chain disruptions.”

JPMorgan Chase is the largest bank in the US and the fifth-largest bank in the world by assets.

At the moment of writing, JPMorgan Chase stock price was trading 0.22% lower. Without the movement reported after earnings, the stock price climbed 30% year to date.

Sources: cnbc.com, investing.com

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