JPMorgan profit jumps on trading, investment banking strength

REUTERS: JPMorgan Chase & Co reported a higher fourth-quarter profit on Friday, as strength in trading and investment banking offset the drag of low borrowing rates on interest income at the largest U.S. bank's lending business.

Net income rose to US$12.1 billion, or US$3.79 per share, in the quarter ended Dec. 31, from US$8.5 billion, or US$2.57 per share, a year earlier. Revenue rose 3per cent to US$30.2 billion.Analysts on average had expected earnings of US$2.62 per share, according to Refinitiv. The big U.S. 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.Advertisement

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