US financial institution JP Morgan Chase reported a 51% decline in net income of US$4.7 billion for Q2 20 from the previous quarter. Net interest income slid by four percent to US$14 billion due to the impact of lower interest rates amid a Covid-19 environment.

The bank’s net revenue was boosted by 15% reflecting a figure of US$33.8 billion while the provision for credit losses also increased by US$9.3 billion, to US$10.5 billion. This was driven by reserve builds which reflect further deterioration and uncertainty from a macroeconomic perspective. JP Morgan remains the top issuer of structured products in the US market from the previous quarter, according to SRP data. In Q2, the US investment bank issued 926 products with a total sales volume

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