الثلاثاء Oct 13 2020 14:14
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JPMorgan: Q3 EPS of $2.92 beat expectations for $2.35 on revenues of $29.95 vs the $28.39bn expected. Net income came in at $9.4bn, vs $4.7bn in the second quarter, with the doubling the result of much lower provisions for credit losses.
JPM had added $15bn in the first half but there has been a significant slowing in loan loss provisioning as the economy steadied and both fiscal support and targeted actions by the Federal Reserve reduced default rates. Fee income beat expectations and rose 7%. Non-interest expenses are higher than expected.
Return on equity rose to 15% from 7% in the prior quarter and back to where it was in Q3 2019. Return on tangible equity rose to 19% from 9% in Q2, and ahead of the prior year’s 18%.
How are ultra-low rates affecting core business?
Shares: +1.77% in pre-market to $104.25 north of the 200-day EMA, which it has not managed to hold a push above since Feb. Read across lifting the other big banks ($GS, $WFC, $MS) Citigroup reports soon.
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