JPMorgan earned 48,334 million in 2021, 66% more than the previous year

New York, Jan 14 (EFE) .- JPMorgan Chase, the largest bank in the United States, obtained accumulated profits of 48,334 million dollars in 2021, 66% more than the previous year and a record, as a result of the recovery of the covid-19 pandemic, although in the fourth and last quarter its benefit fell slightly.

The turnover of the financial entity based in New York and directed by the veteran executive Jamie Dimon only rose 1% year-on-year in the whole of the year, to 121,649 million, as disclosed this Friday in a statement.

«The economy continues to do fairly well despite issues related to the omicron variant, inflation and supply chain bottlenecks. Credit remains healthy with exceptionally low bad debts and we remain optimistic about economic growth in USA,» Dimon explained in the note.

In the fourth quarter of 2021, to which Wall Street analysts paid most attention, JPMorgan Chase recorded a profit of 10,399 million dollars, down 14% year-on-year, while its turnover increased 1% in the period and stood at 30,349 million. In both cases, the figures exceeded estimates.

The company continued to release the money it had accumulated to deal with possible defaults starting in the spring of 2020, when the crisis caused by the coronavirus pandemic began, and added $1.3 billion to its quarterly profit that was previously in reserves. after allocating 550 million to uncollectible accounts.

According to the note, the financial entity attributed the weak results from October to December to the increase in its expenses for services, which rose 11% due to the higher compensation of its employees, and to worse results in its segment related to the markets, which have suffered from the environment of low interest rates.

By business area, the 28% rise (up to 3,200 million) in income from investment banking in this last quarter stood out, mainly thanks to higher commissions amid the great activity of mergers, acquisitions and IPOs , and the decrease of 13% (to 6,300 million) in the income of the markets and securities.

The results were not enthusiastically received on Wall Street and in pre-open electronic trading, its shares were down 4%. In the last year, the listed company of the Dow Jones Industrial Group has appreciated by more than 19%.

(c) EFE Agency