Economy

JPMorgan Chase income rises in 3Q despite pandemic

Citigroup sees income, revenue decline as consumer banking revenues remain low

Ovunc Kutlu   | 13.10.2020
JPMorgan Chase income rises in 3Q despite pandemic

ANKARA

JPMorgan Chase said Tuesday that its income increased in the third quarter despite the coronavirus pandemic. 

The American investment bank and financial services company reported earnings of $9.4 billion in the July-September period, up 3.3% from $9.1 billion during the same period last year.

"Despite significant uncertainty in the environment, the firm is unwavering in its commitment to drive an inclusive economic recovery," Chairman and CEO Jamie Dimon said in a financial results statement.

The most valuable bank by market capitalization also noted that relief from the US Federal Reserve led to an increase in capital of $6.4 billion.

JPMorgan Chase, however, saw revenue decline 0.3% to $29.9 billion from $30 billion, which led shares to trade down 1.1% on the New York Stock Exchange at 10.20 a.m. EDT (1420GMT).

And shares of Citigroup were down 3.2% after the company saw income and revenues decline.

The bank's earnings during the third quarter were $3.2 billion -- 35% lower than $4.9 billion in 2019. Revenues were $17.3 billion -- down 7% from $18.6 billion.

"Although Global Consumer Banking revenues remained lower as a result of the pandemic, we did see higher activity in our mortgage and wealth management products," according to CEO Michael Corbat.

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