NEW YORK–The nation’s largest bank is reporting some of its largest-ever profits.
JPMorgan Chase has reported $11.9-billion in profits during the second quarter, up 155% from the same period of 2020.
JPMorgan's growth was driven in part by $3 billion of net reserve releases from allowances it had set aside for loan losses that never arrived, like what many credit unions have experienced.
JPMorgan chase CEO Jamie Dimon said consumer and corporate balance sheets remain "exceptionally strong as the economic outlook continues to improve,” and he pointed cited the sharp decline in bad loans as evidence of the "increasingly healthy condition of our customers and clients."
Meanwhile, JPMorgan reported combined debit and credit card spending by its customers surged 45% in the second quarter from a year earlier. Spending is now 22% above 2019 levels.
Looking forward, Dimon pointed to "accelerating growth" across all categories, including travel and entertainment, which surpassed 2019 levels by 13%.