JPMorgan Stock Slumps After Q2 Earnings Miss, Slowing Loan Growth, Share Buyback Suspension

Updated at 7:36 am EST

JPMorgan Chase & Co  (JPM) – Get JP Morgan Chase & Co. Report posted weaker-than-expected second quarter earnings Thursday as loan growth slowed amid inflation uncertainty in the world’s biggest economy and the bank set aside more than $1 billion to cover credit risk. 

JPMorgan said earnings for the three months ending in June were pegged at $8.6 billion, or $2.76 per share, down 27% from the same period last year and well shy of the Street consensus forecast of $2.90 per share. The bank also built $1.1 billion in reserves to set against bad loans and credit losses, linked in part to the ‘deteriorating’ economic outlook, compared to a release of $3.3 billion in the second quarter of last year.

Source link

Leave a Reply

Your email address will not be published.