The recovery of the economy from the Corona crisis has given US bank J.P. Morgan Chase a surprising amount of profit in the summer. In the third quarter, the institute eliminated provisions worth billions for loans at risk. As a result, the surplus jumped by almost a quarter compared to the same period last year to 11,7 billion US dollars (10,1 billion euros), as J. P. Morgan announced on Wednesday in New York.
Revenues from the consulting business of the corporate and investment bank jumped by 52 percent. Bank CEO Jamie Dimon attributed this to an increase in takeover activity and strong performance of his house in the IPOs business. A positive tax effect also drove up earnings. Analysts on average had expected only a slight increase in profits.
Dimon spoke of good economic growth – despite the delta variant of the coronavirus and the problems in global supply chains. Due to the improved outlook, the Bank reduced its loan loss provisions for possible loan losses by around $1.5 billion.