Oct 13 (Reuters) - JPMorgan Chase & Co (JPM.N) beat analysts’ profit estimates on Wednesday, thanks to record revenue in some investment banking businesses and a sunnier economic outlook that allowed the largest U.S. bank to release money it had set aside for potential loan losses during the coronavirus pandemic.
JPMorgan’s third-quarter profit was 24% higher than the same period last year, and the bank’s average loans and deposits rose, as did credit-card spending, helping JPMorgan’s lending income rise 2.5% from the second quarter.
On a call with analysts, executives were cautiously optimistic that the economy is finally on a healthy path after 19 months of pandemic-related illness, business closures, travel restrictions and stay-at-home trends. They predicted loan demand may not substantially change until next year at the earliest, but were encouraged by early signs that the world is getting back on track.
"We don’t know the future any better than you do,” JPMorgan CEO Jamie Dimon said on a call with journalists. “What we really want is good growth right now. These are great numbers. By the end of 2022, people are forecasting 4% unemployment, wages are going up, jobs are plentiful. Getting out of COVID, we should all be thanking our lucky stars."