Key Points
JPMorgan Chase's third quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank's CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability...
Dimon laid out a laundry list of major issues: the Russia-Ukraine War, the new war between Israel and the Palestinians in Gaza, high levels of government debt and deficits, high inflation, as well as the tight labor market, where worker demands for increased wages has led to high-profile strikes in manufacturing and entertainment...
"While we hope for the best, we prepare (JPMorgan) for a broad range of outcomes so we can consistently deliver for clients no matter the environment," he said.. Dimon often weighs in on global and economic issues that go beyond the scope of banking..
That was largely driven by higher interest rates, which has allowed JPMorgan to charge customers significantly higher amounts of interest on loans compared to a year ago...
You might be interested in
India's Axis Bank misses Q1 profit view as loan-loss provisions jump
26, Jul, 23India's Axis Bank Ltd (AXBK.NS) reported a smaller-than-expected 40.5% growth in first-quarter profit on Wednesday, as a sharp surge in loan-loss provisions outstripped a jump in net interest income.
India's ICICI Bank posts record high profit in Q3
20, Jan, 24MUMBAI (Reuters) - India's ICICI Bank reported a record high profit for the fiscal third quarter on Saturday, helped by strong loan growth. The private bank reported a standalone net profit of 102.72
TCS beats Q4 profit view as deal momentum intact
12, Apr, 23India Business News: The company's net profit rose more than 14% to Rs 11,436 crore ($1.39 billion) in March quarter against Rs 9,959 crore a year ago. With today's result
Buffett’s Berkshire posts record cash as operating earnings rise
24, Feb, 24International Business News: Warren Buffett’s Berkshire Hathaway Inc. posted an increase in operating earnings as higher interest rates and fewer catastrophes benefited the conglomerate’s insurance business. The firm reported fourth-quarter operating earnings of $8.48 billion, versus $6.63 billion for same period a year earlier. The results were helped by a jump in insurance underwriting earnings and investment income amid higher interest rates and milder weather. The firm’s cash pile also set a fresh record at $167.
Unstable markets drag Canadian M&A, debt issuance to four-year low
07, Apr, 23Canadian dealmakers are optimistic about a return to strength in the second half of the year after mergers and acquisitions in the first quarter dropped to pandemic levels, belayed by higher borrowing costs and panic around a banking crisis.
IndiGo Q4 results: Profit of ₹919 crore, revenue soars 76%
18, May, 23Revenue from operations surged 77% to 141.6 billion rupees from a year earlier.
Yes Bank’s net profit drops 45% in January-March on higher provisions
22, Apr, 23Yes Bank's provisions and contingencies increased to 6.18 billion rupees from 2.71 billion rupees a year earlier.
Canada banks' quarterly profits seen hit by rising provisions
28, Nov, 23Canada's big banks are likely to wrap up a challenging financial year with another quarter of declining profits and rising bad debt provisions amid a slowing economy.
Bank of Baroda share price extend gains as JPMorgan maintains Overweight call, sees 17% upside
20, Jun, 23Global brokerage JPMorgan believes Bank of Baroda is a unique example of a public sector bank that is transforming at an accelerated pace.