Earnings

JPM earnings 2Q 2021 top estimates

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JPMorgan Chase on Tuesday reported second-quarter profit and revenue that exceeded analysts’ expectations as the banking giant released money set aside for loan losses.

Here are the numbers:
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.

One key factor is that after the industry set aside tens of billions of dollars for loan losses last year, banks have been releasing reserves as borrowers have held up better than expected.

That happened in the second quarter at JPMorgan, the biggest U.S. bank by assets. The firm posted a $2.3 billion boost from releasing $3 billion in loan loss…



Source cnbc.com

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