JPMorgan profit rises 6% on trading strength

JPMorgan's profit for the three months ended Dec. 31 was $11 billion
Representative Image
Representative ImageReuters

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.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

Related Stories

No stories found.
DT next
www.dtnext.in