Finally, the global impact of the pandemic has finally started to fade away and it is clearly visible from the economy. Over time, the businesses have started getting back to their normal routine, people are moving back to their offices, and places have started opening up.
The global economy has started getting back on its feet and the revenues have started surging for businesses. Among the rest of the businesses, banking, as well as electronic payment systems, have started picking up the pace.
The revenues and profits generated by these companies are higher than the rest of the companies around the world. The reason behind the success of digital payment services is their mode of operations. Their utilities are online and digital, making them extremely convenient for people who were confined to their houses due to the pandemic.
One of the major firms to demonstrate the increase in profits and revenues is JPMorgan. The revenue report from the company is the very example of how it is performing and making a comeback since the beginning of 2021.
Since the beginning of 2021, the economy of the United States is also making a comeback. This is the reason why JPMorgan Chase is also able to make full use of this opportunity and benefit from it.
It was just Tuesday, July 13, 2021, when the largest bank in the United States shared the profit report for the second quarter of 2021. As per the bank, the profits it has generated in the second quarter of 2021 are $11.9 billion. The data shows that the profits it has made in the second quarter of 2021 are 155% more than what it achieved in Q2 2020.
One of the major factors that drove the growth of the profits for JPMorgan was the release of the net reserve of $3 billion. The bank released these net reserve funds as it was confident that the global economy, as well as the US economy, was going to pick up the pace soon.
The company has revealed that it has experienced a fall when it comes to its revenue, which is experienced by 8%. The company has revealed that the revenue it has generated for the second quarter of 2021 is $30.5 billion.
Jamie Dimon, the CEO at JPMorgan has also talked about the progress the economy has been making lately. He stated that their balance sheets belong to both the corporate as well as the consumer sector. As per Dimon, both balance sheets are demonstrating exceptional results, showing how much the economy has grown since the beginning of 2021.
He also pointed out that the bad loans have experienced a significant drop, which shows how healthy the economy is at the moment.