new York JP Morgan started the US banks’ accounting season on Thursday. Higher provisions for impending loan losses due to the increasing risk of recession weighed on the big bank’s profit in the second quarter (Q2).
The largest US bank posted a surplus of $8.6 billion for the three-month period ended June. A year earlier it was $ 11.9 billion, as the institute announced on Thursday. That is a minus of 27.7 percent. Earnings per share were $2.76, up from $3.78 a year ago.
America’s industry leader booked a total of $1.1 billion in provisions for impending loan defaults. A year earlier, the bank had dissolved around three billion dollars in risk provisions. Net income increased 1 percent to $30.72 billion.
CEO Jamie Dimon warned that geopolitical tensions, high inflation, falling consumer confidence and the war in Ukraine are all likely to have a negative impact on the global economy.
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