JPMorgan Chase’s profit rose 24% in the third quarter of this year, to $11.7 billion.
The rise in quarterly profits came with the improvement in the outlook for the economy, which in turn allowed to include the $2.1 billion that the bank had set aside during the pandemic to face the risk of a wave of loan defaults.
For his part, JPMorgan Chase CEO Jamie Dimon praised the bank’s strong results Which came in light of the improvement in economic growth despite the repercussions of the virus delta and other mutant.
The bank announced in July last year that it set aside reserves of about 10.5 billion dollars to cover a wave of possible default on loans in the wake of the Covid-19 pandemic, as the largest US bank announced a 51% drop in profits in the second quarter, which came less than expected.
The bank’s net profit fell to $4.69 billion, or $1.38 per share, in the quarter ending June 30, 2020, but it beat analysts’ discounted estimates of $1.04 per share.