JPMorgan profit jumps 42% on reserve release, investment banking strength

Topics JPMorgan | Banking sector | Banks

JPMorgan Chase & Co reported a much better-than- expected 42% jump in fourth-quarter profit on Friday, driven by the release of some of the reserves it had built up against coronavirus-driven loan losses and continued strength in its trading and investment banking units. The bank's net income rose to $12.1 billion, or $3.79 per share, in the quarter ended Dec. 31, from $8.

5 billion, or $2.57 per share, a year earlier. Revenue rose 3% to $30.2 billion. During the quarter, JPMorgan released credit reserves of $2.9 billion, boosting.....

This article is no longer available in our repository.

There could be multiple reasons for this.