JPMorgan Chase & Co. posted its highest quarterly profit after issuing $ 2.9 billion, which it set to cover individual debts.
The bank’s profit rose 42% to $ 12.14 billion, or $ 3.79 per share, from analysts’ $ 2.62 per share forecast announced by FACTS. A year ago, JP Morgan reported a quarterly profit of $ 8.52 billion, or $ 2.57 per share.
The country’s largest bank reported revenue of $ 29.22 billion for the quarter, up 3% from a year earlier, and $ 28.67 billion of analyst expectations.
For the full year, through an economic spiral and uneven recovery, JP Morgan posted record revenues of $ 119.54 billion, up 4% from 2019. The development was driven by a Wall Street operation that churned stocks and bonds for customers eager to raise capital. And trade securities between an uncertain economy and record-high markets.
Nevertheless, the impact of the coronovirus epidemic on businesses and consumers forced the bank to pay billions of dollars for potential loan losses in the first year. The full year profit was down 20% to $ 29.13 billion.