Financial Results

JP Morgan Kicks Off Quarterly Reporting Season With Rise In Q4 Profit

Eliane Chavagnon Group Editor 15 January 2016

JP Morgan Kicks Off Quarterly Reporting Season With Rise In Q4 Profit

The blue-blooded bank has reported a rise in fourth quarter profits.

JP Morgan reported net income of $5.4 billion for the final quarter of 2015, an increase of 10 per cent compared to the same period a year ago.

Net income is down 20 per cent on the previous quarter, however, when it was $6.8 billion, the bank said. It is the first major bank to report Q4 figures.

Net revenues meanwhile inched up 1 per cent year-on-year to $23.7 billion, driven by corporate and consumer and community banking, largely offset by lower revenues in corporate and investment banking and asset management.

Analysts had expected revenues of $22.89 billion, The Wall Street Journal said.

Non-interest expense was $14.3 billion, down 7 per cent, driven by lower corporate and investment banking expense, reflecting lower legal expense and lower compensation, as well as consumer and community banking efficiencies.

"We had a good quarter as 2015 came to a close,” said Jamie Dimon, chairman and chief executive. “The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry. Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and asset management businesses.”

Private banking client assets under management stood at $436 billion at end-December 2015, up from $428 billion a year ago.

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