Jamie Dimon proved JPMorgan Chase & Co. doesn’t just rely on traders for profits.
The bank earned $26.5 billion over the past 12 months, the most ever by any major U.S. bank. While trading results reported Friday were worse than analysts expected, second-quarter net income set a record and the company said it will increase loans to companies and consumers this year at a rate that’s double what analysts predicted.
JPMorgan reached this peak with record revenue from its commercial bank and record profit at its wealth-management division. The lender also benefited from higher interest rates as the Federal Reserve raised its benchmark lending rate for the third time in six months in June.
JPMorgan has Most Profitable Year Ever (Originally Posted: 07/17/2017)
JPMorgan Chase & Co was the most profitable firm in the history of banking over the last 12 months. The firm announced they had a profit of $26.5 billion, despite trading revenue missing analysts estimates.
Other banks also announced their earnings this week. According to Bloomberg:
Trading revenue is taking a hit as price volatility hovers at historically low levels.
JPM is down 0.52% this morning, trading at a price of $91.77.
So I'll ask you guys, did JPM show that you don't need trading to be profitable? What do banks earning results mean to you guys?
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