JPMorgan Chase’s profit increased 24% to $ 11.7 billion

JPMorgan Chase’s profit increased 24% in the third quarter of questyear, at $ 11.7 billion.

The rise in quarterly profits came as the outlook for the economy improved, which in turn included the $ 2.1 billion the bank had set aside during the pandemic to cope with the risk of a wave. of loan defaults.

For his part, JPMorgan Chase CEO Jamie Dimon praised the bank’s good results Which came in light of improving economic growth despite the repercussions of the virus Delta and other mutants.

The bank announced in July last year that it had set aside approximately $ 10.5 billion in reserves to cover a wave of possible loan defaults following the Covid-19 pandemic, as the largest US bank announced a decline. 51% of profits in the second quarter, which fell short of expected.

The bank’s net income fell to $ 4.69 billion, or $ 1.38 per share, in the quarter ended June 30, 2020, but surpassed analysts’ discounted estimates of $ 1.04 per share.

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