NEW YORK, Jan 15 — JPMorgan Chase & Co reported a higher fourth-quarter profit today, as strength in trading and investment banking offset the drag of low borrowing rates on interest income at the largest US bank’s lending business.
Net income rose to US$12.1 billion (RM49 billion), or US$3.79 per share, in the quarter ended December 31, from US$8.5 billion, or US$2.57 per share, a year earlier. Revenue rose three per cent to US$30.2 billion.
Analysts on average had expected earnings of US$2.62 per share, according to Refinitiv.
The big US lenders spent 2020 grappling with the economic fallout of the Covid-19 pandemic, setting aside billions to cover expected loan losses. Analysts are expecting a rebound in their profits in 2021.
In the fourth quarter, JPMorgan’s profit was boosted by lower loss provisions, while revenue from capital markets and investment banking also propped up its numbers.
Citigroup and Wells Fargo are expected to report results later today. — Reuters
