JPMorgan Chase profit jumps 53pc in fourth quarter

JPMorgan Chase said on Wednesday that its fourth-quarter profit had surged 53 per cent, capping a third straight year of record income for the US banking giant.

Net income grew to US$5.7 billion in the final quarter of last year from US$3.7 billion in the year-ago period, the largest US bank said.

For the full year, JPMorgan posted a record profit of US$21.3 billion, up from US$19.0 billion in 2011, and underscored what was the third year in a row of record profits.

Earnings of US$1.39 per share in the fourth quarter were well above the market consensus estimate of US$1.16.

“The firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” Jamie Dimon, JPMorgan’s chairman and chief executive, said in a statement.

The blue-chip Wall Street firm reported fourth-quarter revenue of US$24.4 billion, up 10 per cent from a year earlier, and “flat” full-year revenue of US$99.9 billion.

The bank lowered its provision for credit losses by 70 per cent, to US$656 million last year.