AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

NEW YORK: JPMorgan Chase reported higher second-quarter profits Friday thanks to better results in investment banking and a gain on Visa shares, although earnings were dampened by higher costs for bad loans.

Profits at the big US bank came in at $18.1 billion, up 25 percent from the year-ago period. The earnings were boosted by a $7.9 billion gain from a share-exchange transaction with Visa.

Revenues rose 22 percent to $50.2 billion.

The lender, the biggest US bank by assets, pointed to a boost from higher investment banking fees and asset management fees, as well as a lift from greater net interest income (NII); NII is based on the interest JPMorgan earns on loans less the interest it pays out to depositors.

JPMorgan hires new chief technology officer: memo

The provision for credit losses rose five percent to $3.1 billion, with JPMorgan citing credit cards as a driver of both charge-offs in the latest quarter and reserves over future potential losses.

The bank has noted that consumer balance sheets were boosted by government payout programs during Covid-19 that have largely lapsed. JPMorgan described the rising delinquencies as “credit normalization.”

Chief Executive Jamie Dimon said the bank had performed “well” in the quarter, but reiterated his concerns about the outlook.

“While market valuations and credit spreads seem to reflect a rather benign economic outlook, we continue to be vigilant about potential tail risks,” said Dimon, who restated worries about geopolitical tensions and the risk that inflation and interest rates will stay high.

Shares fell 1.2 percent in pre-market trading.

Comments

Comments are closed.