Jamie Dimon's JPMorgan Posted a Record $21.2 Billion Quarterly Profit, Up 41%
JPMorgan just posted the biggest quarterly profit ever by a U.S. bank, but Jamie Dimon says investors shouldn't expect this level of performance to last.
Overview
JPMorgan Chase (NYSE: JPM) just did something no U.S. bank has ever done. It earned $21.2 billion in a single quarter, up 41% from a year earlier, the largest quarterly profit in the history of American banking. Earnings per share jumped 47%, and every one of the bank's business lines set a record.
Yet JPMorgan Chase CEO Jamie Dimon's reaction was telling. He called the environment "close to as good as it gets," then added, "We just don't know how long it's going to last."
Details
This was a quarter supercharged by Wall Street activity. Equity trading revenue surged 86% to $6 billion, and a big reason was the record-shattering initial public offering of Space Exploration Technologies, the largest IPO ever, which sent a wave of fees to the banks that ran it. Investment banking fees climbed 30% to $3.3 billion, their highest level since 2021, led by strength in equity underwriting. Total revenue rose 27% to $58 billion. A one-time gain tied to the bank's stake in Visa also padded the bottom line.
Source
Originally published at www.fool.com.
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