NEW YORK: JPMorgan Chase & Co reported a 6% rise in fourth-quarter profit on Friday, as a better-than-expected performance from the bank's traders more than offset a hit from a slump in dealmaking.
The bank said it had reserved $1.4 billion in loan loss provisions. JPMorgan's profit for the three months ended Dec. 31 was $11 billion, or $3.57 per share, compared with $10.4 billion, or $3.33 per share a year earlier.
The investment banking unit's poor run continued in the quarter, with revenues down 57% as corporate executives battened down the hatches to prepare for a potential recession, instead of spending on deals.
Trading revenue, however, gained from market volatility as investors repositioned bets to navigate a high interest rate environment.
While fixed income markets trading revenue was up 12%, equity trading revenue was relatively flat, the bank said.