JPMorgan Chase, the largest bank in the US, reported a net profit of $14.99 billion in the second quarter of 2024. This figure, equivalent to $5.24 per share, fell short of the $18.15 billion profit recorded in the same period last year. The main reason for the decline was that a one-off accounting gain from last year made it difficult to compare with this year’s performance.
However, market volatility was noteworthy. As investors took positions to balance risks against changing US tariffs, JPMorgan’s trading revenue increased by 15% to $8.9 billion.
Both fixed-income securities and equities saw increases.In investment banking, revenues increased by 7 to $2.5 billion. This growth was driven by a revival in initial public offerings (IPOs) and mergers & acquisitions.
JPMorgan demonstrated its financial resilience by exhibiting strong operational performance even without temporary accounting advantages.
