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JP Morgan falls after presenting a 69% drop in its profit for the quarter

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JP Morgan It has fallen 1.6% this Tuesday after presenting its first quarter business results. The American bank has registered a 3% drop in your income, up to 28,250 million dollars, a figure that has been below the estimated 29,450; and a earnings per share (EPS) of $ 0.78, below the $ 1.84 that analysts anticipated.

He quarterly profit has plummeted 69% to $ 2.87 billion, because the entity has been forced to make a provision for $ 6.8 billion to strengthen its credit reserves, anticipating a large increase in defaults in its loan division, from credit cards in its consumer division to loans for energy, housing and retail in its commercial operations

The rise in the price of the entity may be due to the fact that, precisely as a result of the crisis and the volatility of the markets, JP Morgan has published a record number of income from operations (trading).

"JP Morgan has done well in what has been a very difficult and unique ecosystem," defended its CEO, Jamie Dimon. "The underlying results of the firm in the first quarter have been extremely good but provisional $ 6.8 billion has been necessary given the high probability of a severe recession," he added.

"This first quarter has presented some unprecedented challenges that have required us to focus on what we as a bank can do to stay strong, resident and remain well positioned to maintain support for all of our shareholders," Dimon said.

In the last three months, the stock has dropped more than 29% compared to the losses of 19.2% that The Dow Jones accumulates in that same period.

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