(Reuters) – JPMorgan Chase reported a drop in third-quarter profit on Friday as the U.S. bank had to set aside provisions to deal with possible loan defaults.
JPMorgan’s net profit as of September 30 stood at $12.90 billion (€11.80 billion), compared to $13.15 billion a year ago.
The banking group made a provision of 3.11 billion to cover unrepaid loans, compared to 1.38 billion dollars a year earlier.
Speaking on the economy, JPMorgan CEO Jamie Dimon was cautious, even though US stock indexes hit record highs this year and the Federal Reserve began a cycle of key rate cuts expected by investors. investors.
“We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are perilous and getting worse,” Jamie Dimon said.
“Human suffering is significant and the outcome of these situations could have far-reaching effects on short-term economic outcomes and, more importantly, the course of history,” he added.
JPMorgan’s net interest income (NII), which is the difference between what the bank earns on loans and what it pays for deposits, rose 3% year-on-year to $23.5 billion. of dollars.
In pre-market trading on Wall Street, the stock rose about 1% to $214.79.
(Reporting by Niket Nishant in Bangalore and Nupur Anand in New York; by Augustin Turpin, edited by Blandine Hénault)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
