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JPMorgan Profit Sinks to Lowest Since 2013 on Virus Fallout

  • Net income falls 69% with loan loss provisions most in decade
  • Trading revenue surges to a record, sending shares higher
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JPMorgan Reports First Quarter EPS 78C vs. $2.65 Year-Over-Year
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JPMorgan Chase & Co. said first-quarter profit tumbled 69% to the lowest in more than six years as credit costs surged, giving investors a first glimpse at the extent of the damage Covid-19 is wreaking on bank results.

The company set aside $8.29 billion for bad loans, the biggest provision in at least a decade and more than double what some analysts expected, as it grappled with the effects of the coronavirus pandemic on the economy. That prompted JPMorgan’s first drop in profit since the fourth quarter of 2017.