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The Euromoney 25

JPMorgan: Powering on through the bad weather

Banner year for CIB helps pay for big provisions, while bank sticks to strategy of investing for growth.

Viswas-Raghavan-JPMorgan-960x535.png
Viswas Raghavan, chief executive of EMEA and co-head of global investment banking at JPMorgan

JPMorgan’s revenues of $90.3 billion for the first nine months of 2020 were 4% ahead of the same period in 2019, however profits fell by 39% and return on tangible common equity came down to 11% from 19% for the first three quarters of 2019.

Taking $19.4 billion of provisions for credit losses – compared with a more normal $4.2 billion in the first nine months of 2019 – will do that to your results.

But JPMorgan is still producing better returns in a terrible year than most large European banks manage in a great one. At the end of November its shares traded at 1.9 times tangible book value.

At the end of September deposits were 31% higher than at the same point in 2019.

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