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JPMorgan Chase: Q2 net profit down 28%

( - JPMorgan Chase has reported a 28% decline in Q2 2022 net income to 8.
65 billion dollars, i.e. 2.76 dollars per share, mainly due to credit loss provisions of 1.1 billion dollars made over the period.

The bank said the provisions, which compare to 2.28 billion dollars in provision reversals over Q2 2021, reflect loan growth and a modest deterioration in the economic outlook.

However, the group's revenues edged up 1% to 31.6 billion dollars, with a 19% increase in net interest income on the back of higher rates and balance sheet growth, although this was partly offset by a 12% contraction in other types of income.

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