JPMorgan Chase Posts Net Income up YoY 24% in Q3 2021

JPMorgan Chase & Co. (JPMorgan Chase), one of the oldest financial institutions in the US, has released its financial results for Q3 2021, disclosing that its net income across the firm rose by YoY 24% to $11.7 billion, largely driven by credit reserve releases of $2.1 billion compared to credit reserve releases of $569 million in the prior year. And the net revenue was $30.4 billion, up YOY 2%.

Regarding the Corporate & Investment Bank department, the net income was $5.6 billion, up YoY 29%, with revenue of $12.4 billion, up YoY 7%. Specifically, Banking revenue stood at $4.9 billion, increasing by YoY 30%. Markets & Securities Services revenue fell by 4% YoY to $7.5 billion. Markets revenue was $6.3 billion, down YoY 5%. Fixed Income Markets revenue was $3.7 billion, down YoY 20%. Equity Markets revenue came in at $2.6 billion, up YoY 30%. Securities Services revenue was $1.1 billion, up YoY 9%.

In terms of Commercial Banking division, the net income reached $1.4 billion, enjoying a YoY increase of 30%. Net revenue was $2.5 billion, up YoY 10%.

As for Asset & Wealth Management, the net income was up YoY 36% to $1.2 billion, with net revenue at $4.3 billion, up YoY 21%.