JPMorgan Chase Q4 Profit Surges

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(RTTNews) - JPMorgan Chase & Co. (JPM) Wednesday reported more than 50 percent growth in net income for the fourth quarter, primarily helped by growth in revenue. The company's earnings as well as revenue beat analysts' expectations.

JPMorgan posted net income of $14.005 billion or $4.81 per share for the fourth quarter, compared with $9.307 billion or $3.04 per share in the same quarter a year ago.

On average, 12 analysts expected earnings of $4.04 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $42.768 billion from $38.574 billion in the previous year. The consensus estimate was for $41.56 billion.

Net interest income declined 3 percent year-over-year to $23.5 billion, while noninterest revenue grew 29 percent to $20.3 billion.

Net interest income excluding Markets was $23.0 billion, down 2 percent, driven by lower rates and deposit margin compression, as well as lower deposit balances in Consumer & Community Banking (CCB).

Provision for credit losses was $2.631 billion, lower than $2.762 billion last year.

JPMorgan's investment banking revenue grew 46 percent to $2.6 billion.