JPMorgan Chase & Co. recorded the highest quarterly profit in its history, after releasing $ 2.9 billion in funds it set aside to cover unpaid loans.
The bank’s profit jumped 42% to $ 12.14 billion, or $ 3.79 per share, well beyond the $ 2.62 per share forecast by analysts surveyed by FactSet. A year earlier, JPMorgan reported quarterly earnings of $ 8.52 billion, or $ 2.57 per share.
The country’s largest bank posted revenue of $ 29.22 billion in the quarter, up 3% from the previous year and exceeding analysts’ expectations of $ 28.67 billion.
For the entire year, through an economic spiral and an uneven recovery, JPMorgan posted record revenue of US $ 119.54 billion, an increase of 4% compared to 2019. Growth was driven by the Wall Street operation, which produced stocks and bonds for clients eager to raise capital and commercial bonds amid an unstable economy and record markets.
Still, the impact of the coronavirus pandemic on businesses and consumers forced the bank to set aside billions of dollars for potential loan losses earlier this year. Full-year profit fell 20% to $ 29.13 billion.