JPMorgan Chase & Co. has released its second-quarter 2021 financial results. Results can be found at the Firm’s Investor Relations website at jpmorganchase.com/ir/quarterly-earnings.
And the numbers are:
Earnings: $3.78 per share versus the $3.21 per share estimate in a Refinitiv survey of analysts.
Revenue: $31.4 billion versus the $29.9 billion estimate.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $286.4 billion in stockholders’ equity as of June 30, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
Net income was $11.9 billion, up $7.3 billion, driven by credit reserve releases of $3.0 billion compared to credit reserve builds
of $8.9 billion in the prior year.
Net revenue of $31.4 billion was down 7%. Noninterest revenue was $18.5 billion, down 7%, driven by lower CIB Markets
revenue and $678 million of markups on held-for-sale positions in the bridge book12 recorded in the prior year, largely offset by
higher Investment Banking fees in CIB, higher Card income and higher AWM management fees. Net interest income was $12.9
billion, down 8%, predominantly driven by lower net interest income in CIB Markets and lower loans in Card.
Noninterest expense was $17.7 billion, up 4%, largely driven by continued investments in the business including technology
and front office hiring.
The provision for credit losses was a net benefit of $2.3 billion driven by net reserve releases of $3.0 billion and $734 million of
net charge-offs, compared to an expense of $10.5 billion in the prior year predominantly driven by net reserve builds of $8.9
billion. The net reserve release was driven by improvements in the Firm’s economic outlook. The net reserve release comprised
of $2.6 billion in Consumer – predominantly driven by $1.8 billion in Card and $600 million in Home Lending – and $442
million in Wholesale. Net charge-offs of $734 million were down $826 million on decreases in both Consumer, predominantly
in Card, and in Wholesale.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
NYSE:JPM CWEB Analysts view the stock as a long term growth and a great addition to your investment portfolio with an upward momentum of $240 by 2021