JPMorgan Chase & Co (JPM) posts net income of US$8.6 bn in Q2

Be the First to Comment Read

JPMorgan Chase & Co (JPM) posts net income of US$8.6 bn in Q2

Follow us on Google News:
 JPMorgan Chase & Co (JPM) posts net income of US$8.6 bn in Q2
Image source: © Wellesenterprises |


  • JPMorgan Chase & Co. (NYSE: JPM) reported a net income of US$8.6 billion in the 2nd quarter of FY-22.
  • JPM shares plunged more than 4% on Thursday after its net income falls 28%.
  • JPM is the largest bank in the US with a market cap of 314.0 trillion. 

JPMorgan Chase & Co. (NYSE: JPM) posted a net income of US$8.6 billion for the second quarter, FY-2022, on Thursday.

Its net income in the year-ago quarter was US$11.9 billion.

It is a bigger-than-expected 28% net income fall for JPM as it set aside a large amount of money to offset potential loss if a recession comes hitting.

Shares of JPMorgan fell more than 4% on Thursday after it said US$1.1 billion has been set aside as a provision to address credit losses. Last year, the release was US$3 billion from its reserves.

JPM reported net revenue of US$31.6 billion in the second quarter. Its net revenue in the same quarter in 2021 was US$31.6 billion.

JPMorgan Chase & Co (JPM) registers US$8.6 Bn net income for Q2-FY22© Bumbleedee |

JPM is America’s largest bank and of the big four

JPM, which is America’s largest bank, reported its noninterest expense at US$18.7 billion, propelled by continued investments in businesses, including technology, marketing, and higher structural expense. 

Its Consumer & Business Banking division’s net revenue was US$6.6 billion, up 9% from the year-ago quarter at US$6.0 billion, predominantly driven by growth in deposits.

JPM’s banking revenue was US$3.2 billion, down 37% from the same quarter in 2021 at US$5.1 billion.

The four biggest US banks are bracing for a record US$3.5 billion of loss provisions for the quarter as they fight against a steep economic slowdown triggered by the US central bank’s aggressive interest rate hike to quash the runaway inflation.

Bottom line:

Other US banks that have their earnings reports scheduled this week include Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), and Morgan Stanley (NYSE: MS). Next week will be followed by Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC).


Featured Articles