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Bond Market News

JPMorgan Beats Earnings Expectations; FICC Revenues Miss

October 14, 2021

JPMorgan kicked-off the US bank earnings season with strong Q3 results. It reported a net income of $11.7bn, up 24% YoY and an EPS of $3.74/share vs. estimates of $3/share. Profits were helped by a net benefit of $1.5bn from better loan-losses after releasing $2.1bn of net reserves and incurring $524mn in net charge-offs. The bank’s FICC unit reported $3.67bn in revenues, down 20% while Equities saw a 30% jump to $2.6bn. Investment Banking saw a 45% increase in revenues, driven by higher fees. Jamie Dimon, Chairman and CEO said, “We are making important investments, including strategic, add-on acquisitions that will drive our firm’s future prospects and position it to grow and prosper for decades.”

JPMorgan’s dollar bonds were flat with its 4% Perps at 100.13, yielding 3.96%.

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