JPMorgan Chase & Co. it earned its highest quarterly profit in history after releasing $ 2.9 billion in funds it had set aside to cover attacked loans.
The bank’s profits rose 42% to $ 12.144 billion, or $ 3.79 per share, well above the $ 2.62 per share forecast by analysts surveyed by FactSet. A year earlier, JPMorgan had reported a quarterly profit of $ 8.522 billion, or $ 2.57 per share.
The country’s largest bank posted revenue of $ 29.222 billion for the quarter, up 3% from the previous year and exceeded analysts ’expectations by $ 28.76 billion.
Throughout the year, through an economic spiral and an uneven recovery, JPMorgan recorded record revenue of $ 119.54 million, 4% more than in 2019. Growth was driven by the Wall Street operation. , which generated stocks and bonds for clients eager to raise capital and stock markets amid an unstable economy and markets with a record high.
Still, the impact of the coronavirus pandemic on businesses and consumers forced the bank to set aside billions of dollars for possible loan losses earlier this year. Full-year profit fell 20% to $ 29.113 billion.