JPMorgan: reports record fourth quarter profit
(CercleFinance.com) - JPMorgan Chase reported record fourth-quarter net profit, as the US investment bank said it benefited both from a stabilisation in global growth and the resolution of some trade issues.
Net income came in at 8.5 billion dollars, up 21%, with earnings per share rising to 2.57 dollars from 1.98 dollar a year ago,above the consensus of 2.35 dollars.
JPMorgan's total revenue rose 9% to 29.2 billion dollars, beating the average estimate of 28 billion.
The bank's shares were up 1.2% in premarket trading on Tuesday.
JPMorgan is the first big US bank to report its quarterly results and its performance usually sets the tone of Wall Street.
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