kicked off the fourth quarter earnings season by reporting a sharp rise in net income for the final three months of 2018 from a year earlier, rising to $7.066 billion from $4.232 billion a year before.
Net revenue for Q4 was $26.8 billion, up from $25.754 billion, the US-listed banking group said in a statement yesterday.
The net income figure for Q4 2017 had been cut by $2.4 billion as a result of the enactment of the US Tax Cuts & Jobs Act at the end of 2017, so this impact has inflated the scale of the year-on-year move, the bank said.
Within asset and wealth management, net income fell in Q4 to $604 million from $654 million a year earlier, a decline of about 8 per cent over the 12 months. Net revenues fell to $3.439 billion from $3.638 billion, down by 5 per cent.
Total assets under management stood at $2.0 trillion, a fall of 2 per cent, as weaker equity and other markets last year dented results, offset to some extent by inflows into liquidity and long-term investment products, the bank said.
JP Morgan's share price over the past 12 months
Source: Yahoo Finance.