- JP Morgan Chase & Co.
- 12 July 2024 12:45:42
Source: Sharecast
Dimon believed market valuations and credit spreads seemed to reflect a "benign" economic outlook.
Yet in his opinion the potential 'tail risks', such as the geopolitical situation, were unchanged and "potentially the most dangerous since World War II".
For the second quarter of 2024, the lender posted a 22% surge in reported net revenues to reach $50.2bn.
That resulted in a 25% jump in net income to $18.15bn or of 29% to $6.12 per share.
Dimon also noted that the lender's Common Equity Tier 1 ration had reached 15.3%, which he said left it with excess capital regardless of the uncertainty around the Basel III endgame.
"We continue to invest heavily into our businesses for long-term growth and profitability. We maintain a fortress balance sheet and prepare the Firm for a wide range of potential environments."
As of 1241 BST, shares of JP Morgan were off by 1.48% to $204.39, but remained within a stone throw's distance of their record highs.
-- More to follow --