JP Morgan profit sinks as loan loss provisions surge

Representative Image. Credit: Reuters Photo

JPMorgan Chase & Co reported a more than 50% drop in second-quarter profit on Tuesday, as the coronavirus pandemic weighed on its lending business and forced the largest US bank to build reserves against a wave of potential defaults.

The bank's net income fell to $4.7 billion, or $1.38 per share, in the quarter ended June 30, compared with $9.65 billion, or $2.82 per share, a year earlier.

Analysts on average had expected $1.04 per share, according to Refinitiv. It was not immediately clear whether those estimates were comparable to the reported numbers.

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