JPMorgan trading surge boosts earnings
Markets revenue jumped 30%
JPMorgan Chase & Co. reported third-quarter profit rose 4%, boosted by strong trading results as global markets recovered from their coronavirus-induced plunge.
The New York-based lender, the largest in the U.S., earned $9.44 billion, or $2.92 per share, outpacing the $2.23 that analysts surveyed by Refintive were expecting. Revenue slipped 0.2% to $29.94 billion, still higher than the $28.29 billion analysts anticipated.
|JPM||JPMORGAN CHASE & CO.||126.84||-0.34||-0.27%|
The investment banking business "continues to be a big driver of firm performance with markets revenue up 30% and global investment banking fees up 9%," JPMorgan CEO Jamie Dimon said in a statement.
CORONAVIRUS VACCINE MORE IMPORTANT FOR STOCKS THAN PRESIDENTIAL ELECTION WINNER: GOLDMAN SACHS
Markets revenue totaled $6.6 billion as equity trading grew 32% while fixed-income trading rose 29% amid strength in commodities, credit and securitized products. The firm raked in $2.2 billion of investment banking fees.
Assets under management rose 16% to $2.6 trillion.
JPMorgan finished the quarter with $34 billion of credit reserves and $1.3 trillion of liquidity.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The bank maintained its 90-cent per share dividend after warning the payment could be cut if conditions were to meaningfully worsen.