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