JPMorgan Profit Jumps on Reserve Release

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The bank freed up $2.1 billion set aside for bad loans. Revenue was essentially flat.

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The bank set aside $2.1 billion for soured consumer and corporate loans during the worst days of the coronavirus crisis. Excluding the boost and tax benefits from the release, the bank’s profit in the third quarter was $9.6 billion.

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Revenue rose 1% to $29.65 billion, just short of analysts’ forecast of $29.79 billion.

JPMorgan entered the quarter with high expectations. In July, the bank said it expects people to increase spending over the summer as the coronavirus pandemic eases. More recently, rising oil prices and global supply-chain disruptions have sent markets to volatility. The highly contagious Delta Edition has delayed the reopening of the office.

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Revenue at Consumer Bank fell 3% from a year earlier.

In Corporate and Investment Bank, revenue grew 7%.

David Benoit [email protected] . Feather

.

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