AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

JPMorgan beats profit estimates as trading booms

  • Trading was a bright spot for the quarter, even as the pandemic decimated the US economy, with thousands of businesses shutting down and the unemployment rate soaring.
Published October 13, 2020

JPMorgan Chase & Co comfortably beat Wall Street estimates for third-quarter profit on Tuesday as trading revenue surged past its own expectations on the back of a rebound in global financial markets.

Trading was a bright spot for the quarter, even as the pandemic decimated the US economy, with thousands of businesses shutting down and the unemployment rate soaring.

The economic fallout of the pandemic has triggered one of the worst recessions in decades.

JPMorgan also benefited as it set aside less reserve provisions, compared with the first two quarters of the year.

Revenue from capital markets and investment banking also helped offset declines in its consumer business.

The bank's trading revenue jumped 30% to $6.6 billion.

The biggest US lender set aside $611 million for loans that may go bad, less than the $10.5 billion it put away against future losses in the previous quarter.

The bank's net income rose to $9.44 billion, or $2.92 per share, in the quarter ended Sept. 30, from $9.1 billion, or $2.68 per share, a year earlier.

Analysts on average had expected earnings of $2.23 per share, according to Refinitiv.

JPMorgan's net interest income fell 9% to $13.1 billion as the US Federal Reserve kept rates at nearly zero to offset the impact of the pandemic.

Citigroup Inc reports later on Tuesday, followed by Goldman Sachs Group Inc, Wells Fargo & Co and Bank of America Corp on Wednesday and Morgan Stanley on Thursday.

Comments

Comments are closed.