JPMorgan Chase & Co reported a more than 50per cent drop in second-quarter profit on Tuesday, as the coronavirus pandemic weighed on its lending ...
JPMorgan Chase & Co reported a more than 50per cent drop in second-quarter profit on Tuesday, as the coronavirus pandemic weighed on its lending business and forced the largest U.S. bank to build reserves against a wave of potential defaults.
FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File PhotoREUTERS: JPMorgan Chase & Co reported a more than 50per cent drop in second-quarter profit on Tuesday, as the coronavirus pandemic weighed on its lending business and forced the largest U.S. bank to build reserves against a wave of potential defaults.
The bank's net income fell to US$4.7 billion, or US$1.38 per share, in the quarter ended June 30, compared with US$9.65 billion, or US$2.82 per share, a year earlier.Analysts on average had expected US$1.04 per share, according to Refinitiv. It was not immediately clear whether those estimates were comparable to the reported numbers.
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