JPMorgan Chase scores record profit, lowers reserves for bad loans

New York (AFP) – JPMorgan Chase reported Friday a jump in fourth-quarter profits on strength in investment banking and some consumer lending businesses as it released some reserves taken earlier in the pandemic. The biggest US bank by assets reported record quarterly profits of $12.1 billion, up 42.4 percent from the year-ago levels, while revenues rose 3.3 percent to 29.2 billion. The profits included $1.9 billion in credit benefits, reflecting that the bank now expects fewer loan defaults compared with last year when coronavirus shutdowns prompted JPMorgan to set aside huge reserves in case …

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