JPMorgan sets aside $10.5 billion for loan losses as profit tops estimates

JPMorgan sets aside $10.5 billion for loan losses as profit top estimates

The bank’s net income fell to $4.69 billion, or $1.38 per share, in the quarter ended June 30, but topped analysts’ lowered estimates of $1.04 per share, sending its shares up 4% in premarket trading.

“Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy,” Chief Executive Officer Jamie Dimon said.

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