JPMorgan Chase & Co. (JPM) announced substantial growth in its net income for the fourth quarter, reporting an over 50% increase, largely fueled by a rise in revenue. Both the company's earnings and revenue surpassed analysts' predictions.
In the fourth quarter, JPMorgan recorded a net income of $14.005 billion, equivalent to $4.81 per share, in contrast to $9.307 billion or $3.04 per share during the same period the previous year.
On average, analysts anticipated earnings of $4.04 per share for the quarter, with estimates typically excluding special items.
The company’s revenue for the quarter rose to $42.768 billion from $38.574 billion a year earlier. Analysts had expected a consensus estimate of $41.56 billion.
Net interest income experienced a year-over-year decline of 3%, amounting to $23.5 billion, while noninterest revenue saw an increase of 29%, reaching $20.3 billion.
Excluding Markets, net interest income was $23.0 billion, marking a 2% decrease. This decline was driven by reduced rates and deposit margin compression, alongside lower deposit balances in the Consumer & Community Banking (CCB) sector.
The provision for credit losses was recorded at $2.631 billion, down from $2.762 billion the previous year.
Additionally, JPMorgan's investment banking revenue surged by 46%, reaching $2.6 billion.
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