JPMorgan edges closer to leaving pandemic behind, its earnings show

 JPMorgan edges closer to leaving pandemic behind, its earnings show

Oct 13 (Reuters) – JPMorgan Chase & Co (JPM.N) beat analysts’ profit estimates on Wednesday, thanks to record revenue in some investment banking businesses and a sunnier economic outlook that allowed the largest U.S. bank to release money it had set aside for potential loan losses during the coronavirus pandemic.

JPMorgan’s third-quarter profit was 24% higher than the same period last year due to those factors, but analysts were most enthusiastic about signs that customers are getting back to spending and investing. The bank’s average loans and deposits rose, as did credit-card spending, helping JPMorgan’s lending income rise 2.5% from the second quarter.

Executives were cautiously optimistic that the economy is finally on a healthy path after 19 months of pandemic-related illness, business closures, travel restrictions and stay-at-home tendencies. They predicted loan demand may not substantially change until next year, the…

Read full article…www.reuters.com