JP Morgan Chase & Co. (NYSE: JPM) published its financial results for the fiscal third quarter on Tuesday that highlighted a 4% annualised growth in profit despite the Coronavirus pandemic that has wreaked havoc on the economy this year.
Shares of the company were reported trading about 0.5% up in premarket trading on Tuesday. But JP Morgan Chase tanked 2% on market open. It is now trading at £78 per share that translates to a little under 30% decline year to date in the stock market. Trading stocks online is easier than you think. Here’s how you can buy shares online in 2020.
JP Morgan’s Q3 financial results versus analysts’ estimates
JP Morgan set aside £471.70 million to cover for future credit losses versus a significantly higher £8.08 billion in the prior quarter. Compared to Q2, its profit in the third quarter came in almost 100% higher. JP Morgan pledged £23 billion last week to help remedy the racial wealth gap.
The U.S. investment bank reported £7.29 billion of profit in Q3 versus the year-ago figure of £7.01 billion. On a per-share basis, it earned £2.25 as compared to a lower £1.72 per share expected. JP Morgan valued its net charge-offs in the fiscal third quarter at £910 million.
In terms of revenue, it registered £22.50 billion on Tuesday versus a higher £22.61 billion in the comparable quarter of last year. Its revenue, however, was stronger than the FactSet Consensus of £21.79 billion.
At £8.88 billion, the American multinational’s corporate and investment banking unit saw a 21% annualised growth in Q3 revenue. Revenue from trading climbed 30% in the third quarter that topped CFO Jennifer Piepszak’s estimate of a 20% increase.
