JPMorgan Chase may seem like he’s playing defense, but a lot of things are still going his way.
The lender’s second-quarter profit fell nearly 30% from a year earlier, even as revenue rose slightly. Spending has increased, but there has also been a big reversal from a release of loan loss reserves a year earlier to a build up of reserves in the last quarter. This was mainly a consequence of rapid loan growth – an average quarterly jump of 7% year-on-year means more loan income and more notional losses. But it also partly reflects “a slight deterioration in the economic outlook”, the bank said.
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