The largest American bank, JP Morgan, earned significantly more in the second quarter than a year ago thanks to flourishing business in investment banking and falling loan loss provisions.
The money house posted a profit of 11.9 (previous year: 4.7) billion dollars, as it announced on Tuesday.
With the profit two and a half times higher than in the same period of the previous year, the bank clearly exceeded the expectations of analysts.
JP Morgan also benefited from soaring investment banking fee income, which more than offset weaker performance in consumer credit.
In addition, the institute once again released reserves for impending loan defaults after it had increased its risk provision for bad loans last year due to the corona pandemic. JP Morgan released $ 2.3 billion net in loan loss provisions in the second quarter. The bank had already released part of the provisions in the first quarter.