JPMorgan Chase, America’s biggest bank just reported its third-quarter earnings before the opening bell Tuesday.
JPMorgan Chase posted a third-quarter profit of $9.44 billion, or $2.92 per share, exceeding the $2.23 per share expected by analysts surveyed by Refinitiv.
It generated revenue of $29.94 billion, about $1.5 billion more than what analysts had expected, fueled in part by better-than-expected trading results.
Rather than building reserves for loan losses, as it had done aggressively in the first half of the year, it actually reduced them by $569 million.
JPMorgan CEO Jamie Dimon stated that the total size of America’s biggest bank’s reserves for loan losses stood at $34 billion, roughly the same as the previous quarter.
In the earnings release, Jamie Dimon cited the importance of keeping reserves “given significant economic uncertainty and a broad range of potential outcomes” tied to the COVID-19 pandemic.