JPMorgan Chase CEO Jamie Dimon appeared on CNBC’s Squawk Buzz at the 2020 World Economic Forum in Davos, Switzerland on January 22, 2020.
Adam Galica | CNBC
JPMorgan Chase posted earnings that beat analysts ’estimates for the top and bottom line. The stock gained 1.9% in early trade.
The bank posted a third-quarter profit of 9. 9.44 billion, or 2. 92.92 per share, more than the consensus of analysts surveyed by Refinitive. The PA generated આવક 29.94 billion in revenue, 1.5 billion dollars more than analysts had expected, fueled by good trading results.
Key question for the quarter: Do American banks show that they are putting together money for large-scale epidemic-bound loan defaults. This appears to be at JPMorgan, which has a provision of 6 11,611 million in credit costs during the period, compared to Rs.5.5 billion in the previous quarter.
Instead of building reserves, those who did aggressively in the first half of the year actually reduced them to 56 9569 million in the third quarter. The bank added more than 15 15 billion to its loan loss reserves in the first two quarters of 2020.
Last week, Barclays analyst Jason Goldberg wrote in a note that he expects the bank to raise ves 857 million in the third quarter.
The fate of the industry is tied to the epidemic as the virus causes unemployment and business disruptions to affect the ability of consumers and companies to pay their debts.
JPMorgan booked costs associated with the firm’s record 20 920 million settlement to settle federal agencies’ investigations into its role in manipulating global markets for metals and treasuries. Pay firm posted પોસ્ટ 524 million in legal expenses in the quarter, with earnings falling 17 cents a share.
Despite this reputable stain, a bright spot is trading for banks, which have benefited from the Federal Reserve’s unprecedented actions to boost growing volatility and credit markets. At JPMorgan, the bank’s trading division led to a 20% increase in revenue over the previous year, CFO Jennifer Pipszk said at a conference last month.
Shares of JPMorgan down 27% Until Monday this year, but banks may be up for rebound. Barclays noted last week that the KBW Bank Index has fallen 30% this year, the biggest difference in performance compared to the S&P 500 index in at least 80 years.
Here’s how the company did it:
Earnings: in 2.92 per share, vs. 23 2.23 expected by refinance.
Revenue: .9 29.94 billion, as against 28.3 billion expected by refinancing.
Business Revenue: Fixed Revenue 6. 6.6 Billion, Equities $ ૨ Billion, Fixed Revenue Expectations 3.33 Billion, Equities. 1. $ 67 billion.
This story is evolving. Please check back for updates.
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