JPMorgan Reports 155% Surge in Net Income During Q2 2021

JPMorgan, a leading financial services provider, released a trading update for the three months ended June 30, 2021. The Group reported net income of $11.9 billion during Q2 of 2021, which is a surge of approximately 155% compared to the same period in 2020, driven by credit reserve releases of $3.0 billion compared to credit reserve builds of $8.9 billion in the prior year.

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According to the official announcement, the net revenue reached $31.4 billion in Q2 of 2021, which is a reduction of 7% compared to Q2 of 2020. During the second three months of 2021, JPMorgan saw noninterest expense of $17.7 billion, up 4%, largely driven by continued investments in the business including technology and front office hiring. 

Diluted earnings per share reached $3.78 in Q2 of 2021, which is an increase of 174% compared to the same period in 2020 and an decrease of 16% compared to Q1 2021.

“JPMorgan Chase delivered solid performance across our businesses as we generated over $30 billion in revenue while continuing to make significant investments in technology, people and market expansion,”Jamie Dimon, Chairman and CEO, commented.”This quarter we once again benefited from a significant reserve release as the environment continues to improve.”

As Fazzaco reported earlier, JPMorgan has agreed to acquire San Francisco-based fintech startup OpenInvest, showing its determination to make investments in technology.