JPMorgan Chase profit jumps

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IOL image jpmorgan sign REUTERS A sign marks the Los Angeles offices of JPMorgan. File picture: Lucy Nicholson

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

Net income grew to $5.7 billion in the final quarter of 2012 from $3.7 billion in the year-ago period, the company said.

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

Earnings of $1.39 per share in the fourth quarter were well above the market consensus estimate of $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 $24.4 billion, up 10 percent from a year earlier, and “flat” full-year revenue of $99.9 billion. - Sapa-AFP

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