In the case of the bank, it accumulates profits of US $ 37,935 million so far this year, which reflects an advance of 123% compared to 2020.
The third-quarter corporate earnings season got off on the right foot on Wall Street. On the banking side, JPMorgan registered a 24% increase in its profits compared to the same period of the previous year.
The US bank’s revenue rose to US $ 11,687 million, or US $ 3.74 per share, in the quarter ended September 30, from US $ 9.4 billion in 2020. That beat the expectations of analysts polled by Refinitiv. , who were expecting US $ 3 per share.
So far this year, JPMorgan reports profits of US $ 37,935 million, an increase of 123% compared to 2020.
Faced with this progress, the bank assured that the solid activity of its mergers and acquisitions business, as well as the performance in advising on initial public offerings (IPO), offset a slowdown in operations in the third quarter.
“JPMorgan Chase delivered strong results as the economy continues to show good growth, despite the dampening effect of the Delta variant and supply chain disruptions,” said JPMorgan Chief Executive Jamie Dimon.
The bank’s highest authority also highlighted the release of US $ 2.1 billion from its credit reserves during this period, while the fees they received for advising on operations almost tripled, along with its asset and wealth management unit.
Meanwhile, the income of this last division increased 21%, according to the bank, thanks to higher management commissions in the equity of large institutions and investors.
Despite the results, JPMorgan’s share fell 2.61% to US $ 161.05, after reporting a 5% and 2% drop in commercial and consumer loans, respectively.
In this regard, the bank’s financial director, Jeremy Barnum, indicated that, although the loan outlook is improving, it will take time before the loan business returns to normal given the liquidity that exists in people and companies due to the pandemic.
BlackRock sube 25%
For its part, the investment fund manager BlackRock also surprised the market after reporting gains of US $ 1,681 million in the third quarter of the year, equivalent to an increase of 23.2% compared to the same period last year.
Likewise, revenues increased 15.6% compared to 2020 to US $ 5,050 million, the majority of which came from advisory and investment management fees.
In this way, BlackRock recorded profits of US $ 4,258 million during 2021, that is, 25.8% more than last year. Meanwhile, turnover rose 21.7% to US $ 14,268 million.
At the close, -and unlike JPMorgan- the share of the US manager rose 3.76% to US $ 867.65.
Now, investors’ eyes are focused on the next results that banks such as Bank of America, Morgan Stanley, Citigroup and Wells Fargo will deliver today, while Goldman Sachs will do so on Friday.