In a highly anticipated announcement, JPMorgan has disclosed its quarterly earnings, accompanied by comments from CEO Jamie Dimon.
The firm reported a strong earnings increase of 9% year over year, totaling $14.64 billion. Despite this profit increase, the firm also confirmed that it expects borrowers to face challenges ahead, as the company set aside 75% more provisions to cover potential future loan losses.
Jamie Dimon informed investors, “The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and “trade wars,” ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility. As always, we hope for the best but prepare the Firm for a wide range of scenarios.”
“We continue to believe it is prudent to maintain excess capital and ample liquidity in this environment – our CET1 ratio remained very strong at 15.4%, and we have an extraordinary amount of liquidity, with $1.5 trillion of cash and marketable securities,” he added.
Following his commentary on the company’s earnings, Dimon told reporters; “America is still a pretty good place in a turbulent world… his is still the most prosperous nation on the planet.”
Dimon concluded: “We remain committed to serving our clients and communities, which include consumers, small and large-sized businesses, schools, cities, states and countries, across all environments. And our fortress balance sheet enables the Firm to be a pillar of strength, particularly during volatile or challenging times.”
CEO NA Editorial Staff