The American bank JPMorgan Chase performed better than expected in the third quarter. The revival of the stock markets and the associated growth in trade helped the bank in particular.
The trade-in shares and bonds also provided a ray of hope at Citigroup, but the bank had an incredibly difficult time with the consumer branch.
JPMorgan generated nearly a third more revenue from the trade-in financial products, to $ 6.6 billion. Besides, the bank set aside much less money for loans that may not be repaid.
It was 611 million dollars, while a reservation of 10.5 billion dollars was made in the previous quarter. JPMorgan’s net profit was $ 9.4 billion, up from $ 9.1 billion in the same quarter a year earlier.
Citigroup’s quarterly profit fell by a third. The bank was troubled by the very low-interest rates. There was also less demand for loans as a result of the corona crisis.
Despite this, the profit was still 3.2 billion dollars. Revenues also fell to $ 17.3 billion.