JPMorgan Quarterly Profit Jumps 42%

17 Janvier, 2021, 12:29 | Auteur: Auguste Feret
  • US Stock Futures Edge Lower as Biden Unveils Stimulus Plan; Major Banks Set to Kickoff Earnings Season

The biggest U.S. bank by assets reported record quarterly profits of $12.1 billion, up 42.4 percent from the year-ago levels, while revenues rose 3.3 percent to 29.2 billion.

Citigroup and Wells Fargo are expected to report results later on Friday.

Large US banks reported Friday a mixed fourth quarter to conclude a turbulent year, but expressed optimism about 2021 thanks to the coronavirus vaccine and additional fiscal stimulus.

The biggest US banks (with the exception of Wells Fargo) all saw per-share earnings estimates jump by at least 8% in the past month, according to Barclays analysts Jason Goldberg.

The banking titan's net income jumped 42%, largely due to its release of $US2.9 billion in credit reserves. Group revenues, Citigroup said, fell 10.3% to $16.5 billion, missing analysts' estimates of a $16.7 billion tally.

The big USA lenders spent 2020 grappling with the economic fallout of the Covid-19 pandemic, setting aside billions to cover expected loan losses. The economy has fared better than what executives had feared throughout the spring and summer.

Investment banking revenue surged 37% to $2.5 billion, driven by higher advisory fees across all its products.

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But the bank still has $30 billion in reserves, which "continue to reflect significant near-term economic uncertainty and will allow us to withstand an economic environment far worse than the current base forecasts by most economists", the bank said.

About 70% of JPMorgan's beat came from reserve releases and much of the benefit was already priced into its stock, Evercore ISI analyst Glenn Schorr estimated. Trading revenue rose 20% to $5.9 billion.

Investors sold off JPMorgan and other banks early in the pandemic, anxious that loans would go sour.

That led to a record reduction in net interest margins - the difference between what banks charge for loans and what they pay out to depositors.

The bank's other reporting lines held up well during the quarter.

Trading revenue surged as the bank benefited from volatility in financial markets with investors reassessing their portfolios at the end of the year.

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