JPMorgan Profit Jumps on Reserve Release
JPMorgan Chase & Co.'s third-quarter profit rose 24%, the bank said Wednesday. The bank posted a profit of $11.69 billion, or $3.74 per share, up from $9.44 billion, or $2.92 per share, a year ago. That beat the $3 per share that analysts had expected, according to FactSet. The bank freed up $2.1 billion it had set aside for soured consumer and corporate loans during the worst days of the coronavirus crisis. Excluding the boost from the release and a tax benefit, the bank's profit was $9.6 billion in the third quarter.