JPMorgan Chase on Friday, July 12, released information about its earnings for the second quarter of the current year.
The revenue of the mentioned financial institution, which is one of the giants of the banking sector of the United States, for April-June 2024 was fixed at $50.99 billion. This figure is 20% higher than the result for the same period last year. It is worth noting that analysts surveyed by LSEG predicted that the revenue of the financial institution for the second quarter of 2024 would amount to $49.87 billion. The result, which exceeded preliminary expectations, was due to fees for investment banking services, which rose above the projected level. The revenue indicator was also affected by the activities of a financial institution related to equities trading.
The profit of one of the largest banks in the United States for the second quarter of 2024 was fixed at $18.15 billion, or $6.12 per share. This indicator showed an increase of 25% compared to the result for the same period last year. It is worth noting that profit per share amounted to $4.40 excluding earnings of Visa shares for $7.9 billion, donations of stocks of this company to the lender’s fund for $ 1 billion, and losses from the sale of securities for $546 billion.
Jamie Dimon, Chief Executive Officer of JPMorgan Chase, said that the financial institution he heads is afraid of potential future risks, including inflation exceeding expectations and high interest rates. At the same time, in this context, it was noted that the valuation of stocks and bonds currently reflects favorable economic prospects.
Jamie Dimon also stated that the current state of affairs in the space of geopolitical relations is the most difficult and dangerous since the Second World War. He also noted that the outcome of the current situation and its impact on the condition of the global economy remains unknown. Jamie Dimon stated that some progress has been made in countering inflation. However, he noted that numerous inflationary factors are still relevant, including, among others, a large fiscal deficit, infrastructure needs, the remilitarization of the world, and trade restructuring.
JPMorgan Chase shares fell 1.2% in the premarket.
As we have reported earlier, JPMorgan Chase CEO Urges United States to Deal With Deficit.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
