JPMorgan profit falls on higher soured loan reserves

2022.07.14 14:01

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

(Reuters) – JPMorgan Chase & Co (NYSE:JPM) reported a fall in second-quarter profit on Thursday as America’s largest bank set aside more money to cover potential losses in the face of growing risks of a recession.

The bank posted a profit of $8.6 billion, or $2.76 per share, for the quarter ended June 30, compared with $11.9 billion, or $3.78 per share, a year earlier.

Analysts on average had expected earnings of $2.88 per share, according to Refinitiv. It was not immediately clear if the reported numbers were comparable to estimates.

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