REUTERS: JPMorgan Chase & Co reported a better-than-expected quarterly profit on Friday as it released some of the cash it had built up against coronavirus-driven loan losses, although the bank cautioned that demand for loans was likely to remain sluggish this year.
"There will be a lot of pent-up demand and, hopefully, optimism because of the fact that we are getting through this mess. By sometime this summer you could have a very healthy economy." Excluding the reserves, the bank reported net income of US$9.9 billion, or US$3.07 per share, which was well ahead of the average Wall Street estimate of US$2.62 per share, according to Refinitiv.
Investment banking revenue surged 37per cent to US$2.5 billion, driven by higher advisory fees across all its products. Trading revenue rose 20per cent to US$5.9 billion. Shares of JPMorgan, Citigroup Inc and Wells Fargo & Co, which had seen a strong rally in the run-up to earnings, were all down in early trading even as they reported better-than-expected profits.
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