The American bank JPMorgan Chase made considerably more money in the third quarter by advising on mergers, acquisitions and IPOs of companies.
In addition, it again benefited from the release of reserves that had previously been set aside for loans that may not be repaid due to the corona crisis.
The largest bank in the United States recorded a net profit of 11.7 billion dollars, converted more than 10 billion euros. In the third quarter of 2020, profit was still 9.4 billion dollars. The released reserves were 2.1 billion dollars. As a result, the bank’s total revenues increased 2 percent to $30.4 billion.
In the investment banking division, which advice on mergers and acquisitions, guides IPOs and trading on the financial markets, profit increased by 29 percent. This was offset by lower income from bond and commodities trading. However, income increased with stock trading. JPMorgan Chase’s consumer division also saw profits increase.
CEO Jamie Dimon said in a statement that the bank had delivered strong results as the economy continues to grow well, despite the headwinds of the advance of the Delta variant of the coronavirus and the problems in the supply chain.