JPMorgan Profit Soars to Record After Bank Releases Reserves for Bad Loans

JPMorgan Profit Soars to Record After Bank Releases Reserves for Bad Loans - WSJ

The bank released $5.2 billion it had previously set aside to cover soured loans. A year ago. it stockpiled billions of dollars to prepare for the pandemic’s effect on the economy.

JPMorgan Chase & Co. posted a nearly fivefold increase in quarterly profit. thanks to booming markets and an economic recovery that allowed it to free up $5.2 billion in funds that it had set aside to cover soured loans. The nation’s largest bank reported a record quarterly profit of $14.

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