photo from Twitter @SoumikRoy
JPMorgan, thrilling quarterly: -28% profits. Inflation scares the banks
JpMorgan Chasebefore the big Americans to publish the accounts for the second quarter, saw net profit fall, disappointing expectations, in a context of high inflation, geopolitical tensions And weakening of consumer confidence. The expansion of reserves to cover the costs associated with defaulting loans (the cost of credit was $ 1.1 billion, including an increase in reserves of $ 428 million).
In the three months to June, the bank posted net income of $ 8.65 billion, $ 2.76 per share, down from $ 11.95 billion, $ 3.78 per share, in the same period of the year. Last year. Reported revenues rose slightly from $ 30.48 billion to $ 30.72 billion, while managed revenues rose from $ 31.4 billion to $ 31.63 billion.
The analyst consensus was for a net profit of $ 2.91 per share with a turnover of 31.95 billion. “JpMorgan reported good results in the second quarter, “with” growth across all business lines while maintaining credit regulation And solidity of the balance sheet“said the CEO Jamie Dimonunderlining that “the global economy has to deal with two contrasting factors: on the one hand the United States continues to grow and the labor market and spending capacity remain healthy, on the other hand geopolitical tensions and high inflation weigh on the decline in consumer confidence, the uncertainty on the level of interest rates and their effects on global liquidity, which is combined with the war in Ukraine and its negative effect on global energy prices and genres food“.
All this, he said Dimon“it is very likely to have a negative impact on the global economy. We are prepared to deal with any eventuality and will continue to serve customers even in the most difficult times.”
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