JPMorgan shares increased because of the announcement of financial results for the 2nd quarter ended on June 30.
Since the beginning of the year, JPMorgan shares have lost almost 30% because the global COVID-19 pandemic has hit the global economy, and the US Federal Reserve has cut rates to zero greatly reducing the profitability of the banking sector.
JPMorgan, the largest US bank in terms of assets, reported a 51% drop in earnings per share to $1.38. However, this is as much as $0.34 higher than the analytical estimate of $1.04. The amount of quarterly profit (net income) decreased to $4.69 billion from $9.65 billion in the same period last year.
Total quarterly profit grew by 19% to $33.0 billion, which is also higher than the estimate of $30.29 billion.
JPMorgan has more than $34 billion in credit reserves and more than $1.5 trillion in liquidity.
In May, Jamie Dimon said the U.S. economy had a “pretty good chance” of recovering in the second half of the year due to the resumption of most sectors. However, these predictions may be hampered by the recent increase of COVID-19 cases, which has already forced some states to suspend the “economy opening” and close some businesses again.
The most affected segment of the quarter was the consumer banking segment JPMorgan. Its revenue fell 26% to $5.1 billion.
The largest growth was shown by corporate and investment banking revenues which grew by 16% to $16.4 billion.
Revenues from the fixed income market almost doubled (by 99%) to $7.3 billion, while revenues from stock market trading increased by 38% to $2.4 billion.
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