This post was originally published on this site

JPMorgan Chase is minting money as the US economy races back from the pandemic.

© Michel Euler/Pool/AFP/Getty Images JP Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US’ JP Morgan bank on June 29, 2021 in Paris.

America’s largest bank said Tuesday it hauled in $11.9 billion in profit 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 that underscore the bank’s confidence in the economic recovery.

CEO Jamie Dimon said consumer and corporate balance sheets remain “exceptionally strong as the economic outlook continues to improve.” He pointed to a sharp decline in bad loans as evidence of the “increasingly healthy condition of our customers and clients.”

Consumers are spending aggressively. JPMorgan said combined debit and credit card spending surged 45% in the second quarter from a year earlier. Spending is now 22% above 2019 levels.

Dimon pointed to “accelerating growth” across all categories, including travel and entertainment, which surpassed 2019 levels by 13%.

Continue Reading